Investment Summit 2026: Ondo Signs MoUs on Deep Sea Port, $4bn Petrochemical Fertiliser Plant
By Roseline Okakah
The Ondo State Government has signed two major Memoranda of Understanding (MoUs) for a proposed deep sea port and a $4 billion petrochemical fertiliser plant, as Governor Lucky Orimisan Aiyedatiwa declared the state open to global investors at the Ondo State Investment Summit 2026.
The agreements were formalised on Monday at the International Centre for Culture and Events (The Dome) in Akure, marking the first anniversary of Aiyedatiwa’s administration.
Under the deep sea port agreement, the state government will hold a 12.5 per cent equity stake, while partnering companies will control 87.5 per cent. The second MoU, signed with Resident Fertilizer, covers the establishment of a $4 billion petrochemical fertiliser plant in the southern senatorial district.
Addressing participants, Aiyedatiwa said his administration was shifting the state’s economic model from consumption to production, with a focus on private sector-led industrialisation.
“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,” he said.
He described the summit as a commitment to measurable outcomes rather than a ceremonial gathering, pledging that discussions and investment decisions would be tracked and reviewed at future editions. By 2027, he said, the state would showcase implemented projects and tangible economic impact.
The governor highlighted the state’s economic assets, including about 75 kilometres of Atlantic coastline, extensive bitumen deposits, oil-producing communities in Ilaje and Ese-Odo, and strong agricultural output in cocoa, oil palm, rubber and timber. He also cited deposits of limestone, granite and kaolin, as well as connectivity to seven neighbouring states and a vibrant diaspora population.
At the centre of the state’s industrial push is the proposed Ondo Deep Sea Port, structured under a Public-Private Partnership concession framework. Designed with a natural draft of between 16.5 and 18 metres and direct Atlantic access, the port is expected to accommodate large commercial vessels and serve as a maritime gateway.
Adjacent to the project is the planned Sunshine Industrial City, a 2,771-hectare Free Trade Zone envisioned as an integrated ecosystem for manufacturing, petrochemical processing, agro-industrial facilities, maritime services and logistics platforms with export access.
Aiyedatiwa said the convergence of favourable geography, policy support, tax incentives and institutional backing presents a strong case for investment. He added that proximity to the Niger Delta energy belt positions the state for gas-based industries, embedded generation solutions and independent power projects tailored to industrial clusters.
On human capital development, the governor said his administration was expanding entrepreneurship and innovation programmes to support small and medium enterprises and young entrepreneurs under its “OUR EASE” agenda, which prioritises regulatory clarity, transparency and faster approvals.
In a goodwill message, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, congratulated the governor on his first anniversary and urged him to stay focused despite criticism.
“Ignore criticism; your achievements will speak for you,” Akpabio said, encouraging the governor to pursue a long-term strategy that would define his legacy.
Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, called on Nigerians abroad to channel remittances into structured investments and industrial ventures within the state.
“Investing in your homeland is not just a patriotic act; it is an economic imperative,” she said, urging collective efforts to harness diaspora skills and capital to create jobs and strengthen the economy.
Other speakers at the summit stressed the need for reinvestment within the state, federal reforms aimed at improving the investment climate, and the importance of domestic capital in driving sustainable growth.
At the close of the summit, stakeholders agreed that the state’s long-term prosperity would depend on mobilising capital, building industries and creating jobs through sustained private sector investment rather than relying on revenue allocation.
