Summit: Aiyedatiwa signs MOUs on deep seaport, $4bn petrochemical fertiliser plant

2026-02-23 - 18:07

— Says Ondo open for global partnerships —Ignore criticism, your achievements will speak for you, Akpabio tells Gov By Dayo Johnson Akure Governor Lucky Aiyedatiwa, 0f Ondo State has declared that the state is open for business, industry, innovation and global partnerships just as he signed two Memoranda of Understanding for a Deep Sea Port project and a $4 billion petrochemical fertiliser plant project. Aiyedatiwa who said this at the Ondo State Investment Summit 2026 held in Akure, the state capital, used the occasion of his administration’s first anniversary to unveil what he described as a decisive economic shift from consumption to production. This came as he signed two Memoranda of Understanding, including one for a Deep Sea Port project in which government will hold a 12.5 per cent stake, while the partnering companies will take 87.5 per cent equity. The other agreement was signed between Resident Fertilizer and the state government for a $4 billion petrochemical fertiliser plant project in the southern senatorial district of the state. AIyedatiwa declared that “Ondo will no longer rely predominantly on civil service structures but will reposition itself as a private sector-led industrial powerhouse driven by structured policy, regulatory clarity and political will. “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. While saying that the summit was not a ceremonial gathering but a commitment to measurable outcomes, the governor assured participants that every engagement, investment discussion and decision reached at the forum would be tracked. He added that by the 2027 edition, the state would present implemented projects and demonstrable economic impact arising from commitments made this year. Aiyedatiwa noted that under his administration’s “OUR EASE” agenda, his administration, had prioritised creating an enabling environment where investment thrives by simplifying processes, strengthening institutions, improving transparency and accelerating approvals. Rather than plead for opportunities, he presented what he termed tangible advantages: approximately 75 kilometres of natural coastline with direct access to the Atlantic Ocean; one of the largest bitumen deposits in the world; agricultural strengths in cocoa, oil palm, rubber, and timber; deposits of limestone, granite, and kaolin; oil-producing communities in Ilaje and Ese-Odo; connectivity to at least seven neighbouring states; and a strong diaspora population. At the centre of the state’s industrial vision is the proposed Ondo Deep Sea Port 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 position Ondo as a strategic maritime gateway. Bordering the proposed port is the Sunshine Industrial City, designated as a Free Trade Zone spanning 2,771 hectares. Together, both projects are conceived as an integrated port-linked industrial ecosystem comprising manufacturing, maritime services, petrochemical processing, agro-industrial facilities, and logistics platforms with direct export access. The Governor described the convergence of geography, policy support, tax incentives and institutional backing as a frontier opportunity grounded in strong fundamentals. On energy and industrial development, he cited Ondo’s proximity to the Niger Delta energy belt as a compelling advantage for gas-based industries, embedded generation solutions and independent power projects tailored to industrial clusters. As global production models evolve under the energy transition, he said the state is positioning itself as a reliable hub for distributed and transition-economy energy solutions. The Governor also stated the importance of human capital, noting that the state’s youthful population running into millions is energetic, innovative, and increasingly skilled. He said the government is intensifying entrepreneurship and innovation programmes while expanding support for small and medium enterprises and young entrepreneurs. Reaffirming that sustainable development is private sector-driven and government-enabled, the Governor pledged that the government would provide infrastructure, regulatory clarity, security and policy stability, while investors bring innovation, capital and global competitiveness. Institutionalising the Investment Summit as an annual platform, he said future editions would review tracked investments, executed projects and testimonials from investors who seized opportunities presented. In his goodwill message, the Senate President, Senator Godswill Akpabio, congratulated the governor on the occasion of his first anniversary as elected governor of Ondo State. Akpabio, who was represented by Senator Jimoh Ibrahim of Ondo South Senatorial District, called on the state government to adopt strategic thinking and position itself for success on the global stage. He enjoined the governor to ignore criticism, noting that his achievements will speak for him. The Senate President also urged the governor to have a strategy that can serve as his legacy even after his tenure in office. In his address, the Special Adviser to the Governor on Entrepreneurship and Innovation, Dr Summy Smart Francis, said the summit was aimed at repositioning the state for greater prosperity. Smart Francis called on all residents of the state in the diaspora to return home and invest in the state. In his welcome address, Director-General of the Project Performance and Implementation Monitoring Unit (PPIMU), Engr Rasaq Obe, described the summit as a turning point, insisting on a shift from rhetoric to tangible assets that benefit the people. Obe described the state as a destination at the local government level and the food basket of the South, ranking among the largest producers of cassava in West Africa, with cocoa regarded among the finest globally. In his remarks, Chairman of the Coscharis Group, Cosmas Maduka, highlighted emerging opportunities, while examples from MTN Group’s expansion into Nigeria illustrated the enormous value of decisive action. Maduka recounted how an initial $10 million commitment eventually yielded $1 billion within a year, stressing that domestic investment drives sustainable growth more effectively than government allocations. At the panel session, speaking on federal reforms, the Special Adviser to the President on Economic Affairs, Tope Fasua, outlined measures taken by the administration, including reforms on the naira, fuel subsidy removal, and taxation, which he said were aimed at easing investment across states. Fasua described the state as strategic, with opportunities in agriculture, solid minerals, and the blue economy, noting its connection to the Lagos-Calabar Expressway corridor. He maintained that prosperity must be demonstrated through reinvestment within the state rather than exporting wealth elsewhere. On her part, Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, called for optimism and focus, saying repositioning key sectors would require collective action from Nigerians at home and abroad. Dabiri-Erewa emphasised the critical role of the diaspora in driving investment and development within the state. She urged Nigerians abroad to see the state not merely as a point of origin but as a land of opportunity ripe for strategic engagement. “Investing in your homeland is not just a patriotic act; it is an economic imperative,” Dabiri-Erewa said. She stressed that enabling legislation and government protocols are in place to support investors, both local and foreign, and encouraged stakeholders to take advantage of initiatives designed to reposition key sectors of the economy. “We must work together to ensure that the resources and skills of Nigerians abroad are harnessed to create jobs, build industries, and strengthen our economy,” she said. At the close of the summit, stakeholders agreed that Ondo’s path to prosperity lies not in revenue sharing but in mobilising capital, building industries, and creating jobs through deliberate and sustained investments.