The Ondo State Government has sealed a $50 billion investment partnership with international firms under the Sunshine Infrastructure Joint Venture to establish a world-class refinery and free trade zone in the state.
In a statement on Wednesday, Chief Press Secretary to the Governor, Ebenezer Adeniyan, said the partnership would facilitate the construction of a 500,000-barrel-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area. The initiative, he noted, would place Ondo State on a new path of economic transformation and industrial expansion.
“The Joint Venture has secured over $50 billion for the development of a 500,000-barrel-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje. This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors, and create jobs for our people,” Adeniyan quoted Governor Lucky Aiyedatiwa as saying.
The investment deal follows the signing of a Memorandum of Understanding between the Sunshine Infrastructure JV and the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA).
Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the project had evolved from concept to execution through continuous engagement with ONDIPA. He revealed that the initial $30 billion project valuation was increased to $50 billion to accommodate wider infrastructure development and community-focused initiatives.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka stated.
He added that the refinery would cater to both local and international markets, while the project’s Corporate Social Responsibility initiatives would prioritise education, local employment, and infrastructure upgrades within host communities.
The $50 billion investment represents one of the largest single commitments in Ondo State’s history and among the biggest at a subnational level in Nigeria.
Once operational, the refinery could significantly cut Nigeria’s dependence on imported petroleum products, complementing the output of the Dangote Refinery and other emerging modular refineries.
The Sunshine Free Trade Zone is expected to attract local and international manufacturers, logistics firms, and export-driven industries through competitive incentives and modern infrastructure. The development is also projected to transform the Ilaje coastal corridor into an industrial and logistics hub, spurring the construction of roads, ports, and power facilities that would further enhance business growth across the state.
For MSMEs, the project promises increased access to industrial clusters, business partnerships, and job opportunities within the emerging free trade ecosystem, potentially positioning Ondo State as a key player in Nigeria’s industrial diversification drive.
