The Ondo State Government has signed two major Memoranda of Understanding covering a proposed deep sea port and a $4 billion petrochemical fertiliser plant, marking a significant push toward industrialisation. Governor Lucky Aiyedatiwa formalised the agreements at the Ondo State Investment Summit 2026 in Akure, describing the projects as catalysts for business growth and global partnerships. The state will hold a 12.5 per cent equity stake in the port under a Public Private Partnership structure, with private investors controlling 87.5 per cent.
The fertiliser plant, to be located in the southern senatorial district, is expected to leverage the state’s proximity to the Niger Delta energy belt and support gas based industries. Aiyedatiwa said the initiatives reflect a deliberate shift from consumption driven growth to production led expansion, adding that investment commitments would be tracked ahead of the 2027 summit.
Speakers including Godswill Akpabio and Abike Dabiri-Erewa highlighted the importance of strategic positioning and diaspora participation. Officials emphasised Ondo’s coastline, mineral deposits and connectivity as strong fundamentals for long term investment.
