Ondo partners firm on $362m titanium plant, targets 800 jobs
By Boye Oyeyemi
The Ondo State Government has signed a $362 million partnership agreement with PyVee Limited to establish a titanium-processing plant in Ilaje Local Government Area, a project expected to create more than 800 direct jobs at full scale and boost the state’s industrial development.
The agreement was disclosed in a statement issued by the Ondo State Development and Investment Promotion Agency (ONDIPA) and signed by its Communications Officer, Louis Okoh, following the agency’s facilitation of the partnership under Governor Lucky Aiyedatiwa’s administration.
According to the statement, the proposed facility is expected to become West Africa’s first fully integrated titanium value-chain processing plant and Africa’s second, processing locally sourced ilmenite ore into industrial products to increase local value addition and reduce dependence on exporting raw minerals.
As part of the agreement, the state government has allocated 100.079 hectares of land at Alape, along the Igbokoda-Ugbonla Road in Ilaje, for the project, with the location offering access to lagoon water and gas infrastructure, as well as potential transportation links for exporting finished products.
The project will be executed through a joint venture, PyVee Nigeria Titanium Limited, in two phases, beginning with a $12 million pilot plant before progressing to a full-scale processing complex designed to produce titanium dioxide pigment and titanium sponge, with scope for expansion into other strategic materials.
The Secretary to the State Government, Dr. Taiwo Fasoranti, said the investment aligned with Aiyedatiwa’s industrialisation agenda, adding that the administration wanted the state’s mineral resources to generate local employment, facilitate technology transfer and provide sustainable revenue.
Similarly, ONDIPA’s Chief Executive Officer, Barrister Emmanuel Omomowo, said the state would hold an equity stake in the joint venture in exchange for the land, giving it an opportunity to benefit from the project’s long-term performance, while PyVee’s founder and Chief Executive Officer, Dr. Peter Oladipupo, described the agreement as a major step towards implementation and connecting African mineral resources to global markets.
The statement said the first phase was expected to create more than 150 direct jobs, while the second phase would generate over 800, alongside thousands of indirect employment opportunities, with the $12 million pilot plant projected to commence commercial operations about 21 months after the agreement.
