Ondo State Signs MOUs for Deep Sea Port and Fertilizer Plant

On a significant day for Ondo State, Governor Lucky Aiyedatiwa signed two key memoranda of understanding (MOUs) aimed at enhancing the state's industrial landscape. The first MOU involves the development of a deep sea port, where Ondo State will hold 12.5% equity, while the private partner will control 87.5%.

The second MOU pertains to the establishment of a $4 billion petrochemical fertilizer plant in the Southern Senatorial District. Governor Aiyedatiwa emphasized that these agreements signify a shift in Ondo's economic strategy, moving towards a more investment-friendly environment.

The signing took place during the Ondo State Investment Summit 2026 at the International Cultural Event Dome in Akure. The governor outlined the state's advantages, including its 75-kilometer Atlantic coastline and rich agricultural resources.

The deep sea port is designed to accommodate large commercial vessels and will be part of a broader industrial ecosystem, including a 2,771-hectare free trade zone. The event was attended by notable figures, including Senate President Godswill Akpabio, who urged a focus on long-term impacts.