Olushola Omogbehin
The Ondo State Government has signed a $50bn investment deal with an international consortium under the Sunshine Infrastructure Joint Venture (JV) so as to position the state as a major industrial hub in Nigeria.
The Chief Press Secretary to Lucky Aiyedatiwa, Ebenezer Adeniyan, revealed in a statement on Wednesday that the Ondo State Governor received the investors on Tuesday while he described the collaboration as a key to guaranteeing sustainable industrialisation and long-term economic stability.
According to the statement: “The Joint Venture had secured over $50bn 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.”
Governor Aiyedatiwa told the investors of that his administration is fully committed to transparency, a conducive business environment and the protection of their investments. He said his government had been deliberate in implementing policies that promote ease of doing business in the state.
The Managing Director of Sunshine Infrastructure JV, Henry Owonka, said that the project’s initial $30 billion valuation was reviewed to $50 billion after an expansion to cover broader 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.”
He explained further that the refinery would supply petroleum products locally and internationally and its Corporate Social Responsibility programme would focus on education, local employment and infrastructure development in surrounding communities.
The deal involves global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour and Honeywell OUP, under the Sunshine Infrastructure Joint Venture.
