The Ondo State Government has finalized a $50 billion investment agreement with international partners under the Sunshine Infrastructure Joint Venture, aimed at developing a world-class refinery and a Free Trade Zone within the state.
According to a statement released on Wednesday by the Chief Press Secretary to the Governor, Ebenezer Adeniyan, the partnership will facilitate the establishment of a 500,000-barrel-per-day refinery alongside a 1,471-hectare Sunshine Free Trade Zone located in Ilaje Local Government Area. He emphasized that this strategic initiative marks a major step toward economic revitalization, industrial expansion, and job creation across Ondo State.
Adeniyan quoted Governor Lucky Aiyedatiwa as saying:
“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, accelerating industrial growth, attracting investors, and creating employment opportunities for our people.”
The historic deal follows the signing of a Memorandum of Understanding (MoU) between the Sunshine Infrastructure JV and the Ondo State Investment Promotion Agency (ONDIPA).
Managing Director of Sunshine Infrastructure JV, Henry Owonka, noted that the project evolved through sustained collaboration with ONDIPA, explaining that the initial $30 billion valuation was increased to $50 billion to include broader infrastructure development and community-focused initiatives.
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“The Sunshine JV is not just an investment; it’s a holistic development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka stated.
He further disclosed that the refinery would serve both domestic and international markets, while its Corporate Social Responsibility (CSR) plan would prioritize education, local job creation, and infrastructure upgrades within host communities.
This $50 billion investment stands as one of the largest single commitments in Ondo State’s history and among the most significant at the subnational level in Nigeria.
Once operational, the refinery is expected to reduce Nigeria’s dependence on imported petroleum products, complementing the output from the Dangote Refinery and other emerging modular refineries nationwide.
The Sunshine Free Trade Zone is projected to attract local and foreign manufacturers, logistics companies, and export-oriented enterprises, leveraging modern infrastructure and competitive incentives. The initiative is also set to transform the Ilaje coastal corridor into a thriving industrial and logistics hub, driving the construction of roads, ports, and power facilities to stimulate business growth across the state.
For Micro, Small, and Medium Enterprises (MSMEs), the project offers expanded access to industrial clusters, partnerships, and job opportunities within the new free trade ecosystem — positioning Ondo State as a major player in Nigeria’s industrial diversification and sustainable economic growth.
