Ondo State is set for a major economic transformation as Governor Lucky Orimisan Aiyedatiwa leads the state government to formalise a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV). The initiative aims to position Ondo as a leading industrial hub in Nigeria.

The consortium comprises global partners including Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, operating 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 located in Ilaje Local Government Area of Ondo State.

This funding follows the successful signing of a Memorandum of Understanding (MoU) between the Joint Venture and the state government through the Ondo State Investment Promotion Agency (ONDIPA).

Speaking while receiving the investors on Tuesday, November 4, 2025, at the Governor’s Office in Akure, Governor Aiyedatiwa described the partnership as a strategic milestone toward sustainable industrialisation and long-term economic growth.

“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors, and create jobs for our people,” the Governor stated.

He assured the investors of his administration’s commitment to transparency, a business-friendly environment, and the protection of their investments.

Governor Aiyedatiwa further noted that his administration had been deliberate in implementing policies that promote ease of doing business, adding that the project would enhance productivity and stimulate growth across multiple sectors.

The Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, explained that the project’s valuation had grown from $30 billion to $50 billion after expanding its scope to include broader infrastructure and community-focused programmes.

“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka said.

He added that the refinery would serve both local and international petroleum product demands, with corporate social responsibility (CSR) initiatives focusing on education, employment, and infrastructure development in nearby communities.

Owonka also revealed that the investors would roll out social programmes centred on healthcare, youth empowerment, and skills acquisition to foster inclusive development.

A representative of one of the consortium’s partners, A. Clement, noted that preparations had already begun before their arrival in Ondo. He said that beyond the refinery and free trade zone, the investment would drive development in industrial, agricultural, aviation, and healthcare sectors.

According to him, the objective is not only to reciprocate the state’s support but to achieve a total transformation of Ondo State, adding that the consortium’s partners—after visiting various project sites—were impressed and ready to contribute to the state’s economic advancement.

The consortium’s Chairman and former Senate President, Ken Nnamani, who earlier paid a courtesy visit to the Governor, was commended for his leadership role in the project, which stakeholders described as a model of credible public-private partnership.

Dignitaries present 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, Lands and Housing, Engr. Ayorinde Abiola Olawoye; Commissioner for Physical Planning, Hon. Sunday Olajide; Commissioner for Information and Orientation, Mr. Idowu Ajanaku; Director-General of the Ondo State Radiovision Corporation (OSRC), Mr. Kenneth Odusola-Stevenson; Administrative Secretary of ONDIPA, Mr. Omomowo Emmanuel; and Director of Business Development, Mr. Femi Akarakiri.