Ondo Signs MOUs for Deep Sea Port, $4bn Fertiliser Plant

• Ignore noise, let results speak, Akpabio tells Aiyedatiwa

Fidelis David in Akure

The Ondo State government yesterday signed two key Memoranda of Understanding (MOUs) for a Deep Sea Port and a $4 billion petrochemical fertiliser plant, marking a major push to reposition the state as an industrial and investment hub.

The agreements were executed at the Ondo State Investment Summit 2026 held at the International Centre for Culture and Events (The Dome), Akure, where the state government formalised a partnership for the development of a Deep Sea Port project under which it will hold 12.5 per cent equity, while private partners will control 87.5 per cent.

A second MOU was signed with Resident Fertiliser for the establishment of a $4 billion petrochemical fertiliser plant in the Southern Senatorial District of the state.

Governor Lucky Aiyedatiwa described the signings as proof that his administration was shifting Ondo from an economy of promises to an economy of production.

“This summit is not a ceremonial gathering. It is a commitment to measurable outcomes. Every engagement here will be tracked, and by the 2027 edition, we will present implemented projects and visible economic impact,” he said.

Using the occasion of his first anniversary in office, the governor declared that Ondo was now open for business, industry, innovation and global partnerships, stressing that the era of dependence on civil service-driven growth was over.

“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,” Aiyedatiwa stated.

He explained that under his administration’s “OUR EASE” agenda, government had simplified processes, strengthened institutions and accelerated approvals to create a friendlier investment climate.

Rather than plead for opportunities, the governor said the state was presenting concrete advantages, including its 75 kilometres of Atlantic coastline, vast bitumen reserves, strong agricultural base in cocoa, oil palm and rubber, solid minerals such as limestone and granite, oil-producing communities in Ilaje and Ese-Odo, and connectivity to at least seven neighbouring states.

“At the heart of the state’s industrial blueprint is the proposed Ondo Deep Sea Port, conceived under a Public-Private Partnership concession framework. Designed with a natural draft of between 16.5 and 18 metres, the port is expected to accommodate large commercial vessels and serve as a strategic maritime gateway.

“Adjoining the port site is the proposed Sunshine Industrial City, a 2,771-hectare Free Trade Zone intended to function as an integrated industrial ecosystem for manufacturing, petrochemicals, agro-processing and logistics.

“The convergence of geography, policy support, tax incentives and institutional backing makes Ondo a frontier opportunity grounded in strong fundamentals,” the governor said.

In a goodwill message, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, congratulated the governor on his first anniversary and urged him to focus on long-term impact.

“Ignore criticism; your achievements will speak for you. You must build a strategy that will outlive your tenure and define your legacy,” Akpabio said.

The Special Adviser to the Governor on Entrepreneurship and Innovation, Dr Summy Smart Francis, said the summit was designed to reposition Ondo for prosperity and urged members of the diaspora to return home and invest.

Director-General of the Project Performance and Implementation Monitoring Unit (PPIMU), Engr. Rasaq Obe, described the event as “a turning point from rhetoric to tangible assets,” noting that Ondo ranked among the largest producers of cassava in West Africa and produced some of the world’s finest cocoa.

Chairman of Coscharis Group, Coscharis Group, Cosmas Maduka, highlighted emerging opportunities and cited MTN Group as an example of how decisive domestic investment could yield massive returns.

At a panel session on federal reforms, Special Adviser to the President on Economic Affairs, Tope Fasua, said recent measures on the naira, fuel subsidy and taxation were designed to ease investment across states, adding that Ondo had strategic advantages in agriculture, solid minerals and the blue economy.

Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, called on Nigerians abroad to see Ondo as a land of opportunity.