Ondo State is set to witness a major economic transformation as Governor Lucky Orimisan Aiyedatiwa sealed a $50 billion investment deal with an international consortium under the Sunshine Infrastructure Joint Venture (JV). The landmark agreement aims to establish a 500,000-barrels-per-day refinery and a 1,471-hectare free trade zone in Ilaje Local Government Area.
The JV, comprising global partners including Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, had initially valued the project at $30 billion but expanded it to $50 billion to cover broader infrastructure and community development programmes.
Receiving the investors at the Governor’s Office in Akure on Tuesday, Governor Aiyedatiwa described the partnership as a “strategic move for sustainable industrialisation and long-term economic stability.” He assured stakeholders of his administration’s commitment to transparency, investment protection, and a conducive business climate.
“This investment marks a new dawn for Ondo State. It will accelerate industrial development, attract more investors, and create thousands of jobs,” the Governor said.
Sunshine Infrastructure JV’s Managing Director, Mr Henry Owonka, highlighted that the initiative had moved from conception to execution through continuous engagement with the Ondo State Investment Promotion Agency (ONDIPA). He said the refinery would supply petroleum products both locally and internationally, while corporate social responsibility programmes would focus on education, employment, healthcare, and infrastructure in host communities.
A. Clement, a representative of one of the consortium partners, revealed that preparations for industrial, agricultural, aviation, and healthcare projects were already underway. Former Senate President and consortium Chairman, Ken Nnamani, was also commended for his leadership in promoting credible public-private partnerships.
With this multi-billion-dollar investment, Ondo State is poised to become a major industrial hub, driving growth, productivity, and job creation for its citizens.
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