The Ondo State Government has formalised a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV) to position the state as a major industrial hub in Nigeria.
This was disclosed in a statement issued on Wednesday by the Chief Press Secretary to the Governor, Ebenezer Adeniyan.
According to the statement, the deal involves global partners including Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, under the Sunshine Infrastructure JV.
“The Joint Venture has 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 Ondo State. The funding followed the successful execution of a Memorandum of Understanding (MoU) between the Joint Venture and the state government through the Ondo State Investment Promotion Agency (ONDIPA),” Adeniyan said.
Receiving the investors at the Governor’s Office in Akure, Governor Lucky Aiyedatiwa described the partnership as a strategic step toward sustainable industrialisation and long-term economic growth.
He assured the investors of his administration’s commitment to transparency, a conducive business environment, and full protection of their investments.
Aiyedatiwa noted that his government had been deliberate in implementing policies that promote ease of doing business, adding that the project would stimulate productivity and growth across multiple sectors.
The Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, said the initiative had progressed from conception to execution through sustained engagement with ONDIPA.
He explained that the project’s initial $30 billion valuation was later revised to $50 billion following its expansion to include broader infrastructure and community development programmes.
According to Owonka, the refinery will supply petroleum products both locally and internationally, while its corporate social responsibility (CSR) focus includes education, local employment, and infrastructure development in surrounding communities.
A representative of one of the consortium partners, A. Clement, said preparations for project implementation were already underway, adding that the investment would also drive growth in the industrial, agricultural, aviation, and healthcare sectors.
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