$50bn Sunshine Deal: Aiyedatiwa Partners Global Investors to Boost Ondo Economy

The Ondo State Government has signed a $50 billion investment agreement with international partners under the Sunshine Infrastructure Joint Venture.

According to a statement by the Chief Press Secretary to Governor Lucky Aiyedatiwa, Ebenezer Adeniyan, the deal involves Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.

Aiyedatiwa, who received the investors on Tuesday, described the partnership as a bold step toward sustainable industrialisation and long-term economic stability. He said the collaboration would establish Ondo as a major industrial hub in Nigeria.

The statement noted that the joint venture 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. The funding followed a Memorandum of Understanding between the joint venture and the Ondo State Investment Promotion Agency (ONDIPA).

“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 said.

Aiyedatiwa assured the investors of transparency, a friendly business environment, and full protection of their investments. He emphasized that his administration remains committed to policies that promote ease of doing business.

The Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the project had evolved through consistent collaboration with ONDIPA. He explained that the valuation increased from $30 billion to $50 billion to include broader infrastructure and community development initiatives.

According to Owonka, the refinery will supply petroleum products locally and internationally, while the project’s Corporate Social Responsibility (CSR) will focus on education, local employment, and infrastructure in nearby communities.

Governor Aiyedatiwa has consistently encouraged investors to tap into Ondo’s vast natural and economic resources. During a recent meeting with British Deputy High Commissioner Jonny Baxter, he highlighted that Ondo produces about 40 percent of Nigeria’s cocoa output and is richly endowed with bitumen, coal, gold, gas, and fertile land suitable for agriculture.

The governor reaffirmed that his administration remains open to partnerships that drive industrial growth and sustainable development across the state.