The Ondo State Government has entered a $50 billion investment partnership with international firms under the Sunshine Infrastructure Joint Venture to establish a 500,000-barrel-per-day refinery and a 1,471-hectare Free Trade Zone in Ilaje Local Government Area.
Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, said the project will accelerate industrialization and position Ondo as a major economic hub. The agreement, executed through the Ondo State Investment Promotion Agency (ONDIPA), follows the signing of a Memorandum of Understanding with the Joint Venture.
Managing Director Henry Owonka noted that the investment value was upgraded from $30 billion to $50 billion to cover broader infrastructure and community programs. The refinery will serve both local and international markets, while CSR initiatives will focus on education, jobs, and infrastructure. The project is among the largest subnational investments in Nigeria’s history.
