Ondo Signs MOUs on Deep Sea Port, $4bn Fertiliser Plant at Investment Summit

By Samuel Sunday

The Ondo State Government has on Monday signed two major Memoranda of Understanding for a proposed Deep Sea Port and a $4 billion petrochemical fertiliser plant, as Governor Lucky Orimisan Aiyedatiwa declared the state open to global partnerships at the Ondo State Investment Summit 2026 in Akure.

Under the agreements, the state will hold a 12.5 per cent equity stake in the Deep Sea Port project, while partnering firms will control 87.5 per cent. 

The government also signed a separate $4 billion deal with Resident Fertilizer for a petrochemical fertiliser plant to be located in the southern senatorial district. 

The governor described the projects as a decisive shift from a consumption-driven economy to a production-led industrial model.

Speaking at the summit held at the International Centre for Culture and Events (The Dome), Akure, Aiyedatiwa said investors seek structure, certainty and political will, adding that Ondo offers all three. 

He pledged to track all commitments made at the summit and present measurable outcomes at the 2027 edition.

The governor said his administration’s “OUR EASE” agenda prioritises ease of doing business by simplifying processes, strengthening institutions, improving transparency and accelerating approvals. 

He listed the state’s competitive advantages, including about 75 kilometres of Atlantic coastline, vast bitumen deposits, strong agricultural outputs in cocoa and oil palm, solid minerals, oil-producing communities in Ilaje and Ese-Odo, and access to seven neighbouring states.

He said the proposed Ondo Deep Sea Port, structured under a Public-Private Partnership framework, will feature a natural draft of 16.5 to 18 metres to accommodate large vessels. 

Bordering it is the planned Sunshine Industrial City Free Trade Zone, spanning 2,771 hectares, designed as an integrated hub for manufacturing, petrochemicals, agro-processing and logistics with direct export access.

On energy development, Aiyedatiwa cited the state’s proximity to the Niger Delta energy belt as a strategic advantage for gas-based industries and independent power projects. 

He said the government would provide infrastructure, regulatory clarity and security, while investors bring capital and innovation.

In his goodwill message, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, urged the governor to ignore criticism and focus on building a lasting legacy. Chairman of Coscharis Group, Cosmas Maduka, encouraged decisive domestic investment, citing the rapid growth of MTN Group in Nigeria as proof of opportunity.

The Special Adviser to the President on Economic Affairs, Tope Fasua, outlined federal reforms on the naira, fuel subsidy and taxation aimed at easing investments across states. Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, urged Nigerians abroad to convert remittances into industrial ventures, describing investment at home as both patriotic and economically strategic.

Stakeholders at the close of the summit agreed that Ondo’s prosperity depends on mobilising capital, building industries and creating jobs through sustained private-sector investment. Top government officials, lawmakers, security chiefs and traditional rulers attended the event, which marked the governor’s first anniversary in office.