By Joshua Tosin Ogunsakin 
Ondo State Governor, Dr Lucky Orimisan Aiyedatiwa has signed a $50 billion investment agreement with a group of international firms under the Sunshine Infrastructure Joint Venture.
The consortium involved in the agreement includes Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, all operating under the Sunshine Infrastructure JV.
The development was announced in a statement on Wednesday by Ebenezer Adeniyan, Chief Press Secretary to Governor Lucky Aiyedatiwa.
According to Adeniyan, Aiyedatiwa, who met with the investors on Tuesday, described the partnership as a strategic move toward sustainable industrialisation and long-term economic stability. He added that the deal would position Ondo State as a leading industrial hub in Nigeria.
The statement read, “The Joint Venture had secured over $50 billion for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare sunshine free trade zone in Ilaje Local Government Area of the state.
“The funding followed the successful execution of the Memorandum of Understanding between the Joint Venture and the state government through the Ondo State Investment Promotion Agency.
“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”
The governor also assured the investors of his administration’s commitment to transparency, a conducive business climate, and full protection of their investments, emphasising that his government has deliberately pursued policies that promote ease of doing business.
Speaking on behalf of the Joint Venture, Managing Director Henry Owonka said the project had evolved from conception to execution through consistent collaboration with ONDIPA.
He added that the initial $30 billion valuation of the project had been increased to $50 billion following an expansion to include wider infrastructure and community-driven 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 further explained that the refinery would supply petroleum products both locally and internationally, while its Corporate Social Responsibility initiatives would focus on education, local employment, and infrastructure development in neighbouring communities.
Governor Aiyedatiwa has consistently encouraged investors to leverage Ondo State’s rich natural and economic resources.
During a visit by the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, in October, the governor highlighted Ondo’s vast opportunities, noting that the state remains Nigeria’s largest cocoa producer, contributing roughly 40 per cent of the country’s total output.
He also noted the state’s abundant bitumen, coal, gold, gas, and other mineral resources, alongside extensive arable land suitable for agriculture.