Ondo State has taken a major step towards industrial expansion following the signing of two key Memoranda of Understanding (MoUs) for the development of a Deep Sea Port and a $4 billion petrochemical fertiliser plant.
Governor Lucky Orimisan Aiyedatiwa formalised the agreements on Monday at the Ondo State Investment Summit 2026 held at International Centre for Culture and Events (The Dome), declaring that the state is ready for business, global partnerships and large-scale industrial investment.
Under the Deep Sea Port agreement, the state government will hold a 12.5 per cent equity stake, while private partners will control 87.5 per cent. In a separate deal, the government signed an MoU with Resident Fertilizer for the establishment of a $4 billion petrochemical fertiliser plant to be located in the Southern Senatorial District.
Marking his administration’s first anniversary, the governor described the summit as the beginning of a strategic shift from a consumption-driven economy to a production-oriented, private sector-led industrial hub. He stressed that Ondo would provide policy clarity, institutional support and political will to attract investors.
According to him, the summit was designed to produce measurable outcomes, assuring stakeholders that commitments made would be tracked and reviewed at future editions.
The governor highlighted Ondo’s competitive advantages, including about 75 kilometres of Atlantic coastline, vast bitumen deposits, strong agricultural production in cocoa, oil palm and rubber, rich solid minerals, oil-producing communities in Ilaje and Ese-Odo, and connectivity to several neighbouring states.

Central to the state’s industrial blueprint is the proposed Ondo Deep Sea Port, planned under a Public-Private Partnership framework. With a projected natural draft of 16.5 to 18 metres, the port is expected to handle large vessels and serve as a strategic maritime gateway.
Adjacent to the port is the proposed Sunshine Industrial City Free Trade Zone, covering 2,771 hectares. Both projects are envisioned as an integrated industrial ecosystem incorporating manufacturing, petrochemicals, agro-processing, logistics and export-oriented services.
The governor also cited Ondo’s proximity to the Niger Delta energy belt as a major advantage for gas-based industries and independent power projects, positioning the state within the evolving energy transition landscape.
He reaffirmed the administration’s commitment to infrastructure development, regulatory stability, security and investment-friendly policies, while urging the private sector to bring capital, innovation and competitiveness.
In his goodwill message, Senate President Godswill Akpabio, represented by Jimoh Ibrahim, congratulated the governor and urged the state to adopt strategic planning that would leave a lasting legacy.
Chairman of Coscharis Group, Cosmas Maduka, emphasised the importance of bold domestic investment, citing examples of how decisive action can generate significant returns.
Also speaking, Special Adviser to the President on Economic Affairs, Tope Fasua, outlined federal economic reforms aimed at improving the investment climate, while Chairman/CEO of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, urged Nigerians abroad to channel their resources and expertise into homeland development.
Earlier, Special Adviser to the Governor on Entrepreneurship and Innovation, Dr Summy Smart Francis, said the summit was convened to reposition the state for sustainable prosperity, while Director-General of the Project Performance and Implementation Monitoring Unit, Engr Rasaq Obe, described the event as a shift from rhetoric to tangible economic assets.
Dignitaries at the event included the Deputy Governor, Dr Olayide Adelami; First Lady, Mrs Esther Oluwaseun Aiyedatiwa; Chief Judge of Ondo State, Justice Olusegun Odusola; Head of Service, Mr Bayo Philip; President of the Customary Court of Appeal, Justice Eunice Alade; and representatives of security agencies, lawmakers, traditional rulers and members of the State Executive Council.
Stakeholders at the close of the summit agreed that Ondo’s long-term prosperity would depend on sustained investment, industrialisation and job creation rather than reliance on statutory allocations.