Ondo Signs $50bn Deal For Refinery And Free Trade Zone

The Ondo State government has sealed a $50 billion investment deal with an international consortium under the Sunshine Infrastructure Joint Venture (JV) to establish a refinery and a Free Trade Zone in the state.

Governor Lucky Aiyedatiwa, who hosted the investors at the Governor’s Office in Akure, said the partnership marks a turning point in the state’s industrial development and economic diversification.

The project, located in Ilaje Local Government Area, includes a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone. The deal involves global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.

According to the governor, the initiative will boost employment, attract further investments, and promote economic stability. He assured the consortium of transparency and full protection of their investments.

Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the project’s cost rose from $30 billion to $50 billion after expanding its scope to include broader infrastructure and community-focused initiatives.

He noted that the refinery would serve both domestic and international markets while the consortium’s social programmes would target education, healthcare, youth empowerment, and skill development.

A consortium representative, A. Clement, said preparations were underway even before the signing, adding that the partnership would also drive growth in agriculture, aviation, and healthcare.

The consortium’s chairman and former Senate President, Ken Nnamani, was praised for his leadership in facilitating the agreement, which has been described as a model for public-private partnerships in Nigeria.