Ondo State Seals $50bn Refinery and Free Trade Zone Agreement

The Ondo State Government announced on Wednesday that it has entered into a $50 billion investment partnership with a consortium of international companies under the Sunshine Infrastructure Joint Venture to establish a large-scale refinery and free trade zone in the state.

According to a statement by the Chief Press Secretary to Governor Lucky Aiyedatiwa, Ebenezer Adeniyan, the consortium comprises Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.

Governor Aiyedatiwa, who received the investors on Tuesday, described the agreement as a major milestone toward achieving sustainable industrialisation and long-term economic growth.

“This investment marks a new dawn for Ondo State. It will accelerate industrial development, attract investors, and create employment opportunities for our people,” Aiyedatiwa said. He reaffirmed his administration’s commitment to maintaining a transparent and investor-friendly environment while ensuring the protection of all investments.

The Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the initiative had evolved from its initial conception through continuous collaboration with the Ondo State Investment Promotion Agency. He explained that the project’s initial valuation of $30 billion was increased to $50 billion to include expanded infrastructure and community-based development programmes.

“The Sunshine JV is not just an investment; it’s a transformative framework that will empower communities, boost industries, and improve livelihoods,” Owonka noted.

He added that the refinery would cater to both local and international petroleum demands, while the consortium’s Corporate Social Responsibility efforts would focus on education, employment, and infrastructure development in surrounding communities.