Ondo signs MoUs for Deep Sea Port, $4bn fertiliser plant
The Ondo State Government on Monday signed two major Memoranda of Understanding (MoUs) for the development of a Deep Sea Port and a $4 billion petrochemical fertiliser plant, as Governor Lucky Orimisan Aiyedatiwa declared the state open to global investment. The agreements were formalised at the Ondo State Investment Summit 2026 held at the International Centre for Culture and Events (The Dome), Akure.
Under the Deep Sea Port arrangement, the state government will hold a 12.5 per cent equity stake, while partnering firms will control 87.5 per cent. A separate MoU was signed with Resident Fertilizer for the establishment of a $4 billion petrochemical fertiliser plant in the southern senatorial district of the state.
Addressing investors, Governor Aiyedatiwa described the summit as the beginning of a shift from a consumption-driven economy to a production-led model anchored on private sector participation, policy clarity and regulatory certainty. He assured participants that commitments made at the forum would be tracked and reviewed at future editions.
“Investors do not go where there is potential alone. They go where there is structure, certainty and political will, and Ondo State offers all three,” the governor said.
He outlined the state’s comparative advantages, including about 75 kilometres of Atlantic coastline, vast bitumen deposits, rich agricultural produce such as cocoa and oil palm, and solid minerals including limestone and granite. He also cited oil-producing communities and strategic connectivity to neighbouring states as added strengths.
Central to the plan is the proposed Ondo Deep Sea Port, designed to accommodate large vessels under a Public-Private Partnership framework, alongside the Sunshine Industrial City Free Trade Zone, conceived as an integrated hub for manufacturing, petrochemicals, agro-processing and logistics.
In his goodwill message, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, urged strategic planning to secure long-term gains. The Chairman of Coscharis Group, Cosmas Maduka, emphasised the impact of decisive private investment on sustainable growth.
Also speaking, the Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, called on Nigerians abroad to channel capital and expertise back home, stressing that sustained private investment would be key to the state’s long-term prosperity.
