JUST IN: ONDO SEALS DEEP SEA PORT, $4BN PETROCHEMICAL PLANT DEALS AS AIYEDATIWA DECLARES STATE OPEN FOR GLOBAL INVESTMENT

ONDO SEALS DEEP SEA PORT, $4BN PETROCHEMICAL PLANT DEALS AS AIYEDATIWA DECLARES STATE OPEN FOR GLOBAL INVESTMENT


The Ondo State Government has signed two major Memoranda of Understanding (MoUs) covering a proposed Deep Sea Port and a $4 billion petrochemical fertiliser plant, as Governor Lucky Orimisan Aiyedatiwa formally declared the state open to global partnerships, industrial expansion and long-term private sector investment.

The agreements were announced on Monday at the Ondo State Investment Summit 2026 held at the International Centre for Culture and Events (The Dome) in Akure, marking the first anniversary of the governor’s administration. Addressing investors, policymakers and business leaders, Aiyedatiwa said the state is repositioning from a consumption-driven structure to a production-led economy anchored on regulatory clarity, structured policy and political will.

Under the Deep Sea Port agreement, the Ondo State Government will retain a 12.5 per cent equity stake, while partnering companies will hold 87.5 per cent under a Public-Private Partnership concession framework. Designed with a natural draft depth of between 16.5 and 18 metres and direct access to the Atlantic Ocean, the proposed port is expected to accommodate large commercial vessels and position the state as a strategic maritime gateway. Bordering the port is the proposed Sunshine Industrial City, a designated Free Trade Zone spanning 2,771 hectares, conceived as an integrated port-linked industrial ecosystem for manufacturing, maritime services, petrochemical processing, agro-industrial activities and logistics operations with direct export access.

A separate MoU was signed between the state government and Resident Fertilizer for the development of a $4 billion petrochemical fertiliser plant in the southern senatorial district. Government officials said the project is expected to strengthen gas-based industrial development, deepen value chains and expand employment opportunities within the energy and manufacturing sectors.




Governor Aiyedatiwa said investors seek structure, certainty and political will beyond potential, stressing that the summit was designed to produce measurable outcomes rather than ceremonial declarations. He stated that commitments made at the forum would be tracked and reviewed at subsequent editions of the summit. Under his administration’s “OUR EASE” agenda, he noted that the government has prioritised simplifying regulatory processes, strengthening institutions, improving transparency and accelerating approvals to create an enabling environment for investment.

The governor highlighted the state’s economic assets, including approximately 75 kilometres of natural coastline with Atlantic access, deposits of bitumen, limestone, granite and kaolin, agricultural strengths in cocoa, oil palm, rubber and timber, oil-producing communities in Ilaje and Ese-Odo, and proximity to the Niger Delta energy belt, which he described as advantageous for gas-based industries and independent power projects tailored to industrial clusters.

In a goodwill message, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, congratulated the governor on his first anniversary in office and encouraged strategic planning that would secure long-term economic gains. The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, urged Nigerians abroad to convert remittances into industrial and productive ventures within the state, describing homeland investment as both patriotic and economically strategic.

Also speaking, the Special Adviser to the President on Economic Affairs, Tope Fasua, referenced ongoing federal reforms, including adjustments to fuel subsidy, foreign exchange and taxation policies, which he said were aimed at improving the broader investment climate across states. Private sector participants at the summit emphasised the importance of domestic capital mobilisation and sustained industrial development as drivers of long-term prosperity.

The summit was attended by senior state officials, lawmakers, members of the executive council, traditional rulers, security chiefs and private sector leaders. As of the time of reporting, both agreements remain at the MoU stage, with detailed implementation timelines, financial structuring and project milestones expected to be clarified in subsequent phases.


Comments

Post a Comment

Popular posts from this blog

JUST IN: ONDO GOVT ORDERS TEMPORARY CLOSURE OF SELECTED SCHOOLS AHEAD OF STATE ASSEMBLY ELECTION

Image
ONDO GOVT ORDERS TEMPORARY CLOSURE OF SELECTED SCHOOLS AHEAD OF STATE ASSEMBLY ELECTION The Ondo State Ministry of Education, Science and Technology has announced the temporary closure of selected public primary and secondary schools across the state ahead of the Ondo State House of Assembly election scheduled for Wednesday, May 20, 2026. According to a statement issued by the Permanent Secretary of the Ministry, the affected schools are those designated as polling centres for the election across the 18 Local Government Areas of the state. The Ministry directed learners, teachers, and other staff members in the affected schools to remain at home on election day as part of measures to ensure the safety of lives and property and to support a peaceful and orderly electoral process. The statement noted that heads of the affected schools would be contacted directly to ensure full compliance with the directive, while officials from Zonal and Area Education Offices would also monitor and supp...
Read more

JUST IN: APC ONDO APPOINTS OLAWALE IJANUSI AS SPECIAL ASSISTANT ON NEW MEDIA

Image
APC ONDO APPOINTS OLAWALE IJANUSI AS SPECIAL ASSISTANT ON NEW MEDIA The All Progressives Congress (APC) in Ondo State has announced the appointment of Mr. Olawale Sunday Ijanusi as Special Assistant on New Media to the State Chairman, in a move aimed at strengthening the party’s communication structure. The appointment, which was conveyed in an official letter dated April 21, 2026, and signed by the APC Ondo State Secretary, Alex Kalejaye, forms part of an ongoing reorganization within the party’s secretariat to enhance effective service delivery. According to the letter, Ijanusi was found suitably qualified for the role following an internal assessment, underscoring the party’s commitment to engaging competent individuals in key strategic positions. The new role places Ijanusi at the center of the party’s digital communication efforts, where he is expected to manage and coordinate new media strategies, including online engagement, information dissemination, and digital campaign initia...
Read more

JUST IN: MATO CRUSHES INCUMBENT ADEFIRANYE, CLINCHES APC REPS TICKET WITH LANDSLIDE VICTORY

Image
MATO CRUSHES INCUMBENT ADEFIRANYE, CLINCHES APC REPS TICKET WITH LANDSLIDE VICTORY Hon. Mathew Oye Oyerinmade, popularly known as MATO, has emerged as the winner of the All Progressives Congress (APC) House of Representatives Primary Election for Ile-Oluji/Okeigbo and Odigbo Federal Constituency in Ondo State, defeating incumbent lawmaker, Hon. Festus Adefiranye, by a wide margin. The APC primary election, held on Saturday across the federal constituency, recorded a large turnout of party delegates and supporters, with security agencies and party officials monitoring the exercise. At the end of the collation process, Hon. Mathew Oye Oyerinmade secured an overwhelming 12,744 votes to emerge victorious in the keenly contested primary election. His closest rival and incumbent member representing the constituency at the Federal House of Representatives, Hon. Festus Adefiranye, polled 1,944 votes, while other aspirants recorded lower figures. The result reflected a decisive victory for Oyer...
Read more