By Fisayo Akinduro
Ondo State is poised for an economic turnaround as Governor Lucky Orimisan Aiyedatiwa formalised a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV) to position the state as a major industrial hub in Nigeria.
The deal involves global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour and Honeywell OUP.
Receiving the investors on Tuesday at the Governor’s Office in Akure, Aiyedatiwa described the partnership as a strategic step towards sustainable industrialisation and long-term economic stability.
“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.
He assured the investors of his administration’s commitment to transparency, a conducive business climate and full protection of their investments.
Aiyedatiwa noted that his government had been deliberate in implementing policies that promote ease of doing business, adding that the Sunshine Project would stimulate productivity and economic growth across multiple sectors.
The Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, said the initiative had progressed from conception to execution through consistent engagement with the Ondo State Development and Investment Promotion Agency (ONDIPA).
He explained that the project’s initial $30 billion valuation was reviewed to $50 billion following an expansion to cover broader infrastructure and community-driven programmes.
“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 revealed that the investors would introduce social programmes focusing on healthcare, youth empowerment and skills acquisition to ensure inclusive growth.
A representative of the consortium, identified as Clement, said the group had already begun preparations before arriving in Ondo.
He explained that beyond the oil refinery and free trade zone, the investment would create new jobs and drive industrial, agricultural, aviation and healthcare development.
According to him, the aim is not just to reciprocate the state’s support but to ensure a full transformation of Ondo. He added that the consortium’s partners, who had visited project sites, were excited and ready to contribute to the state’s economic growth.
The consortium’s Chairman and former Senate President, Ken Nnamani, was commended for his leadership role in the project, which stakeholders described as a model of credible public-private partnership.
Present at the event were the Deputy Governor, Dr. Olajide Adelami; Secretary to the State Government, Dr Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; Head of Service, Dr Bayo Philip; Commissioner for Infrastructure, Lands and Housing, Engr Ayorinde Abiola Olawoye; Commissioner for Physical Planning, Sunday Olajide; and Commissioner for Information and Orientation, Idowu Ajanaku.
Others included the Director-General of the Ondo State Radiovision Corporation (OSRC), Mr Kenneth Odusola-Stevenson; Administrative Secretary of ONDIPA, Mr Omomowo Emmanuel; and Director of Business Development, Mr Femi Akarakiri.