The Ondo State Authorities has entered right into a $50 billion funding partnership with main worldwide companies below the Sunshine Infrastructure Joint Enterprise to ascertain a world-class refinery and free commerce zone within the state
In line with a press release issued by Ebenezer Adeniyan, the Chief Press Secretary to the state governor, Fortunate Aiyedatiwa, on Wednesday, the partnership goals to fast-track the institution of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Commerce Zone in Ilaje Native Authorities Space, setting Ondo State on a brand new path towards {economic} transformation.
He stated the event would place the state as a significant industrial hub in Nigeria.
The assertion learn, “The Joint Enterprise had secured over $50 billion for the event of a 500,000-barrels-per-day refinery and a 1,471-hectare sunshine free commerce zone in Ilaje Native Authorities Space of the state.
“The funding adopted the profitable execution of the Memorandum of Understanding between the Joint Enterprise and the state authorities by means of the Ondo State Funding Promotion Company.
“This funding marks a brand new daybreak for Ondo State. It can fast-track industrial improvement, entice extra traders and create jobs for our folks.”
What the MD of Sunshine Infrastructure JV stated:
In his remarks, the Managing Director of Sunshine Infrastructure JV, Henry Owonka, stated the initiative had progressed from conception to execution by means of constant engagement with ONDIPA.
He defined that the mission’s preliminary $30 billion valuation was reviewed to $50 billion following an growth to cowl broader infrastructure and community-driven programmes.
“The Sunshine JV isn’t just an funding; it’s a improvement framework that may rework industries, strengthen communities and enhance livelihoods,” Owonka acknowledged.
He stated the refinery will provide petroleum merchandise regionally and internationally, whereas its Company Social Accountability focuses on schooling, native employment and infrastructure improvement in surrounding communities.
The proposed refinery and free commerce zone settlement marks one of many largest single funding commitments ever made in Ondo State — and doubtlessly one of many greatest in Nigeria’s subnational historical past.
As soon as absolutely operational, the five hundred,000-barrels-per-day refinery might considerably scale back Nigeria’s dependence on imported petroleum merchandise, complementing the output of the Dangote Refinery and different modular refineries below improvement.
The 1,471-hectare Sunshine Free Commerce Zone will entice each native and overseas traders, providing incentives for manufacturing, logistics, and export-oriented industries. This might rework the Ilaje coastal hall right into a thriving industrial hub, spurring huge infrastructure improvement comparable to roads, ports, and energy provide.
