The Ondo State Government has entered into a $50 billion investment partnership with leading international firms under the Sunshine Infrastructure Joint Venture to establish a world-class refinery and free trade zone in the state
According to a statement issued by Ebenezer Adeniyan, the Chief Press Secretary to the state governor, Lucky Aiyedatiwa, on Wednesday, the partnership aims to fast-track the establishment of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area, setting Ondo State on a new path toward economic transformation.
He said the development would position the 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.”
What the MD of Sunshine Infrastructure JV said:
In his remarks, the Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the initiative had progressed from conception to execution through consistent engagement with ONDIPA.
He explained that the project’s initial $30 billion valuation was reviewed to $50 billion following an expansion to cover broader infrastructure and community-driven programmes.
“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 said the refinery will supply petroleum products locally and internationally, while its Corporate Social Responsibility focuses on education, local employment and infrastructure development in surrounding communities.
The proposed refinery and free trade zone agreement marks one of the largest single investment commitments ever made in Ondo State — and potentially one of the biggest in Nigeria’s subnational history.
Once fully operational, the 500,000-barrels-per-day refinery could significantly reduce Nigeria’s dependence on imported petroleum products, complementing the output of the Dangote Refinery and other modular refineries under development.
The 1,471-hectare Sunshine Free Trade Zone will attract both local and foreign investors, offering incentives for manufacturing, logistics, and export-oriented industries. This could transform the Ilaje coastal corridor into a thriving industrial hub, spurring massive infrastructure development such as roads, ports, and power supply.