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$50bn joint venture to establish major refinery and Sunshine Free Trade Zone in Ondo
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Project expected to create thousands of jobs and boost Nigeria’s industrial base
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Investors expand plan from $30bn to $50bn to include infrastructure and community programmes
The Ondo State Government has sealed a $50 billion investment agreement with a consortium of international investors under the Sunshine Infrastructure Joint Venture to develop a world-class refinery and free trade zone in Ilaje Local Government Area.
According to a statement signed by Mr. Ebenezer Adeniyan, Chief Press Secretary to Governor Lucky Aiyedatiwa, the partnership will fast-track the establishment of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone, setting Ondo on a path to industrial transformation.
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“The funding followed the execution of a 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,” Adeniyan said.
He added that the project will position Ondo as a key industrial hub, attract investors, and create massive employment opportunities for residents.
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Speaking at the signing, Mr. Henry Owonka, Managing Director of Sunshine Infrastructure JV, explained that the project’s initial valuation of $30 billion was raised to $50 billion after expanding its scope to cover broader infrastructure and social development 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 noted that the refinery will serve both local and export markets while incorporating corporate social responsibility programmes focused on education, local employment, and community infrastructure.
Economic analysts describe the deal as one of the largest subnational investments in Nigeria’s history, potentially complementing output from the Dangote Refinery and reducing the nation’s reliance on imported petroleum products.
When completed, the Sunshine Free Trade Zone is expected to attract manufacturing, logistics, and export-oriented industries, transforming the Ilaje coastal corridor into a strategic industrial powerhouse and driving large-scale infrastructure development across Ondo State.
