Ondo State has taken a historic step toward transforming its industrial and economic landscape after signing a $50 billion investment agreement with international partners to establish a massive refinery and free trade zone project in Ilaje Local Government Area.
The agreement, sealed under the Sunshine Infrastructure Joint Venture, is one of the largest private-sector commitments in Ondo State’s history and among the biggest single-state investments ever recorded in Nigeria.
According to details released by the Ondo State Investment Promotion Agency (ONDIPA), the project will feature a 500,000-barrels-per-day refinery alongside the 1,471-hectare Sunshine Free Trade Zone, both to be situated along the state’s coastal corridor in Ilaje. The initiative is designed to unlock industrial opportunities, generate employment, and position Ondo State as a key hub for energy production and export-led manufacturing.
Governor Lucky Aiyedatiwa, represented at the signing ceremony by senior state officials, described the partnership as a “game-changer” for the state’s economic future. He emphasized that the project will not only boost local refining capacity but also attract further foreign direct investment, enhance infrastructure, and stimulate sustainable growth across the region.
“This is a defining moment for Ondo State. With this partnership, we are laying the foundation for an industrial future that will create jobs, support innovation, and strengthen our position as a vital player in Nigeria’s economic development,” he said.
The refinery component of the deal aims to reduce Nigeria’s dependency on imported petroleum products and support the federal government’s efforts toward energy security and industrial diversification. The free trade zone will host manufacturing, logistics, and export-oriented industries, leveraging Ondo’s coastal proximity to global markets.
While full implementation timelines and technical details are expected to be announced in subsequent phases, ONDIPA officials assured that the government is committed to providing the necessary infrastructure and regulatory support to ensure smooth project execution.
Analysts say the initiative could catalyse regional growth, attract complementary investments, and accelerate the development of the Niger Delta’s blue economy, provided financing, environmental, and community engagement processes are efficiently managed.
