Ondo State is set for a major economic transformation as Governor Lucky Orimisan Aiyedatiwa has led the government to formalize a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV), aimed at establishing the state as a leading industrial hub in Nigeria.
The Joint Venture, which includes global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, has secured funding for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare free trade zone in Ilaje Local Government Area.
The agreement follows the successful execution of a Memorandum of Understanding (MoU) between the consortium and the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA).
Speaking while receiving the investors on Tuesday, November 4, 2025, in Akure, Governor Aiyedatiwa described the partnership as a strategic move toward sustainable industrialisation and economic stability.
“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract additional investors and create jobs for our people,” the governor stated.
He assured the investors of his administration’s commitment to transparency, a conducive business climate, and full protection of their investments, noting that policies promoting ease of doing business were already in place.
The Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, disclosed that the project’s initial $30 billion valuation was reviewed upward to $50 billion to accommodate expanded infrastructure and community-focused initiatives.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” he said.
Owonka added that the refinery would supply petroleum products both locally and internationally, while the consortium’s corporate social responsibility (CSR) drive would focus on education, local employment, and infrastructure development.
A consortium representative, A. Clement, revealed that preparations were already underway, adding that the investment would extend beyond the oil refinery and free trade zone to include industrial, agricultural, aviation, and healthcare development.
He praised the state government’s commitment to the project, describing it as a catalyst for total transformation.
The consortium’s Chairman and former Senate President, Ken Nnamani, who had earlier met with the governor, was commended for providing leadership and credibility to the joint venture.
Notable attendees at the event included the Deputy Governor, Dr. Olajide Adelami; Secretary to the State Government, Dr. Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; Head of Service, Dr. Bayo Philip; Commissioner for Infrastructure, Engr. Ayorinde Abiola Olawoye; Commissioner for Physical Planning, Hon. Sunday Olajide; Commissioner for Information, Idowu Ajanaku; OSRC Director-General, Mr. Kenneth Odusola-Stevenson; ONDIPA Administrative Secretary, Mr. Omomowo Emmanuel; and Director of Business Development, Mr. Femi Akarakiri.
