$50bn Refinery and Free Trade Zone Set to Transform Ondo State’s Industrial Landscape

The Ondo State Government has entered into a $50 billion investment agreement 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.

Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, announced the development in a statement on Wednesday, listing the participating firms as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.

According to Adeniyan, the governor met with the investors on Tuesday and described the partnership as a major milestone toward sustainable industrialisation and long-term economic growth in the state.

Aiyedatiwa noted that the initiative would position Ondo as a key industrial hub in Nigeria, 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 Local Government Area. This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract investors, and create jobs for our people.”



He reaffirmed his administration’s commitment to transparency, a friendly business environment, and the protection of investors’ interests, adding that policies promoting the ease of doing business remain a top priority.

The Managing Director of Sunshine Infrastructure JV, Mr Henry Owonka, explained that the project’s value had grown from $30 billion to $50 billion after its scope was expanded to include additional infrastructure and community-based programmes.

Owonka said the initiative was designed as a comprehensive development framework that would transform industries, empower communities, and improve livelihoods. He added that the refinery would cater to both local and international markets, while its Corporate Social Responsibility (CSR) efforts would focus on education, local employment, and infrastructure development in host communities.