The Ondo State Government has signed a landmark $50 billion investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture (SIJV) for the establishment of a refinery and a free trade zone in the state.
The partnership involves Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, working collaboratively under the Sunshine Infrastructure Joint Venture framework.
This was disclosed in a statement issued on Wednesday by Ebenezer Adeniyan, Chief Press Secretary to Governor Lucky Aiyedatiwa.
According to the statement, Governor Aiyedatiwa, who met with the investors on Tuesday, described the agreement as a strategic milestone towards achieving sustainable industrialisation and long-term economic stability for Ondo State.
“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 in Ilaje Local Government Area of the state,” the statement read.
Adeniyan noted that the funding followed 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).
“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 statement added.
Governor Aiyedatiwa assured the investors of his administration’s commitment to transparency, ease of doing business, and robust protection of their investments.
“Our government is fully committed to creating a favourable environment where investments can thrive. We will continue to promote policies that guarantee investor confidence and economic growth,” the governor stated.
The Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the initiative had moved from conception to execution through consistent engagement with ONDIPA. He revealed that the initial $30 billion valuation was reviewed upward to $50 billion after expanding the scope to include broader infrastructure and community-driven 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 will serve both local and international markets, with its Corporate Social Responsibility initiatives focused on education, employment generation, and infrastructure development in host communities.
Governor Aiyedatiwa has consistently called on investors to tap into the state’s abundant natural and economic resources. During a courtesy visit by British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, in October, the governor highlighted Ondo’s vast opportunities, describing it as Nigeria’s leading cocoa-producing state, contributing about 40 percent of the nation’s total output.
He also noted that Ondo is richly endowed with bitumen, coal, gold, gas, and other mineral deposits, alongside extensive arable land suitable for agriculture, positioning it as a viable hub for large-scale industrial investment.
