The Ondo State Government has entered into a major investment agreement worth $50 billion with a consortium of international companies under the Sunshine Infrastructure Joint Venture.
The international partners involved include Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, all collaborating within the Sunshine Infrastructure framework.
The development was announced in a statement released by Ebenezer Adeniyan, Chief Press Secretary to Governor Lucky Aiyedatiwa, on Wednesday.
According to Adeniyan, the governor received the investors on Tuesday and described the collaboration as a strategic milestone aimed at achieving sustainable industrial growth and long-term economic stability in the state.
He noted that the agreement would position Ondo State as a major industrial hub in Nigeria.
The statement read, “The Joint Venture had secured over $50 billion for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare sunshine free trade zone in Ilaje Local Government Area of the state.
“The funding followed the successful execution of the Memorandum of Understanding between the Joint Venture and the state government through the Ondo State Investment Promotion Agency.
“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”
Governor Aiyedatiwa assured the visiting investors of his administration’s dedication to transparency, a favorable business environment, and complete protection for their investments. He emphasized that his government is committed to policies that enhance ease of doing business across the state.
In his remarks, Henry Owonka, Managing Director of Sunshine Infrastructure JV, stated that the project had progressed from concept to implementation through sustained collaboration with the Ondo State Investment Promotion Agency, ONDIPA.
He disclosed that the original $30 billion valuation was upgraded to $50 billion after the project was expanded to include additional infrastructure and community-oriented programs.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities and improve livelihoods,” Owonka stated.
He further explained that the refinery will produce petroleum products for both local and international markets, while its Corporate Social Responsibility, CSR, plan will focus on education, local employment, and infrastructure improvements in host communities.
Governor Aiyedatiwa has consistently encouraged investors to take advantage of the state’s rich natural and economic resources.
During a meeting with British Deputy High Commissioner to Nigeria, Jonny Baxter, in October, the governor highlighted Ondo’s potential as a land of vast opportunities, emphasizing that it is Nigeria’s leading cocoa-producing state, contributing around 40 percent of the country’s total output.
He added that the state is also richly endowed with bitumen, coal, gold, natural gas, and other minerals, as well as extensive arable land suitable for large-scale agriculture.
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