Ondo seals deals on Deep Sea Port, $4b fertiliser plant

The Ondo state government has signed two major Memoranda of Understanding (MoU) aimed at accelerating industrialisation and repositioning the state as a leading investment destination, sealing deals for the proposed deep sea port and a $4 billion petrochemical fertiliser plant.

Governor Lucky Aiyedatiwa signed the agreements yesterday during the Ondo State Investment Summit 2026 held at the International Centre for Culture and Events (The Dome), Akure, describing the projects as catalysts for business, industry, innovation and global partnerships.

Aiyedatiwa said the state will hold a 12.5 per cent equity stake in the Deep Sea Port project, while private partners will control 87.5 per cent, under a Public-Private Partnership framework.

According to the governor, the initiatives signal a deliberate shift in the state’s economic model from consumption to production.

“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 said.

He said the state also signed an agreement for a $4 billion petrochemical fertiliser plant in the southern senatorial district, expected to leverage Ondo’s proximity to the Niger Delta energy belt and support gas-based industries and embedded power solutions for industrial clusters.

Aiyedatiwa noted that the projects would create jobs, attract foreign direct investment, and strengthen export capacity.

The governor assured participants that every engagement, investment discussion and decision reached at the forum would be tracked.

He further added that by the 2027 edition, the state would present implemented projects and demonstrated economic impact arising from commitments made this year.

Highlighting his administration’s economic agenda with “OUR EASE” mantra, Aiyedatiwa said the government has been creating an enabling environment where investment thrives by simplifying processes, strengthening institutions, improving transparency, and accelerating approvals.

The governor noted that Ondo’s 75-kilometre Atlantic coastline, solid mineral deposits, oil-producing communities in Ilaje and Ese-Odo, and connectivity to neighbouring states provide strong fundamentals for investors.

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.

Speaking at the event, the Senate President, Senator Godswill Akpabio, lauded Aiyedatiwa on the occasion of his first anniversary as elected governor of Ondo State.

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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. He also urged the governor to have a strategy that can serve as his legacy even after his tenure in office.

The 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.

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.

He 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.

He 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. He 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.

He 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.

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