By David Akinadewo-Adekahunsi
The Governor of Ondo State, Lucky Aiyedatiwa, on Monday declared the state open to global capital as his administration signed two major Memoranda of Understanding for the development of a Deep Sea Port and a $4 billion petrochemical fertiliser plant.
This development signalled what the Governor described as a decisive shift from a consumption-driven economy to a production-led industrial hub.
The agreements were formalised at the Ondo State Investment Summit 2026 held at the International Centre for Culture and Events (The Dome) in Akure, coinciding with the first anniversary of the governor’s administration.
Under the Deep Sea Port arrangement, the state government will retain a 12.5 percent equity stake, while partnering firms will hold 87.5 percent.
A separate agreement was signed with Resident Fertilizer for the establishment of a petrochemical fertiliser plant valued at $4 billion in the southern senatorial district of the state.
Addressing investors, policymakers and industry leaders at the summit, Governor Aiyedatiwa said Ondo would no longer rely predominantly on civil service structures but would reposition itself as a private sector-driven industrial powerhouse anchored on regulatory clarity, structured policy frameworks and firm political will.
He stressed that the summit was not ceremonial but outcome-focused, assuring participants that all engagements and commitments would be tracked, with measurable progress to be presented at subsequent 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, noting that under his administration’s OUR EASE agenda, processes have been simplified, transparency strengthened and institutional frameworks reinforced to accelerate approvals and attract investment.
He outlined the state’s comparative advantages, including approximately 75 kilometres of natural coastline with direct access to the Atlantic Ocean, extensive bitumen reserves, strong agricultural assets in cocoa, oil palm, rubber and timber, deposits of limestone, granite and kaolin, as well as oil-producing communities in Ilaje and Ese-Odo.
He also highlighted Ondo’s connectivity to seven neighbouring states and its sizeable diaspora population as additional leverage points for industrial growth.
Central to the state’s long-term strategy is the proposed Ondo Deep Sea Port, structured under a Public-Private Partnership concession framework and designed with a natural draft of between 16.5 and 18 metres to accommodate large commercial vessels.
Bordering the port is the planned Sunshine Industrial City, a 2,771-hectare Free Trade Zone conceived as an integrated ecosystem for manufacturing, maritime services, petrochemical processing, agro-industrial activities and export-oriented logistics.
The governor described the convergence of favourable geography, policy support, tax incentives and institutional backing as a frontier opportunity grounded in strong economic fundamentals.
On energy and industrialisation, Aiyedatiwa cited Ondo’s proximity to the Niger Delta energy belt as a strategic advantage for gas-based industries, embedded generation solutions and independent power projects tailored to industrial clusters, adding that the state is positioning itself as a reliable hub for transition-era energy solutions.
He further underscored the importance of human capital, describing the state’s youthful population as energetic and innovative, with government intensifying entrepreneurship and SME support programmes to harness this demographic dividend.
In his goodwill message, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, congratulated the governor on his first anniversary and urged him to adopt strategic thinking that would endure beyond his tenure, advising him to disregard criticism and allow his achievements to speak for him.
On her part, the Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, called on Nigerians abroad to convert remittances into industrial ventures, describing investment in one’s homeland as both patriotic and economically imperative, and assuring stakeholders that enabling legislation and protocols are in place to support local and foreign investors.
Other speakers emphasised the need to translate policy rhetoric into tangible assets and sustainable job creation.
At the close of the summit, stakeholders agreed that Ondo’s prosperity lies not in revenue allocation but in mobilising capital, building industries and generating employment through deliberate and sustained private sector-led investment.
Dignitaries in attendance included the Deputy Governor, Dr Olayide Adelami; the First Lady, Mrs Esther Oluwaseun Aiyedatiwa; the Chief Judge of Ondo State, Justice Olusegun Odusola; members of the State Executive Council and House of Assembly; security chiefs; and traditional rulers.
