Ondo State Governor Announces $50 Billion Refinery Investment Deal

Ondo State Governor Lucki Orimisan Aiyedatiwa is thrilled about a $50 billion investment agreement with an international consortium to construct a 500,000 barrels per day refinery. The project includes a free trade zone spanning 1,471 hectares, set to boost industrialization and economic growth in Ondo State.

The consortium, led by Sunshine Infrastructure JV and supported by China Harbour and Honeywell Group, plans to implement the project in Ilaj Local Government Area. This initiative is expected to reduce Nigeria's import dependence and increase revenue generation.