Current & Upcoming Projects
Major Industry Development: $50 Billion Refinery & Free Trade Zone Initiative
Ondo State is entering a pivotal phase of economic transformation driven by large-scale industrial expansion, strategic infrastructure investment, and growing international partnerships.
Ondo Investment Limited monitors and highlights government-led initiatives and major development agreements that signal long-term opportunity across the state. These projects represent future-facing developments with the potential to significantly influence investment flows, employment creation, trade capacity, and regional economic growth.
Strategic Investment Landscape
Ondo State continues to position itself as an increasingly attractive investment destination, offering diverse opportunities across multiple sectors. As an oil-producing state, energy plays a central role in the economy; however, agriculture remains a major economic pillar. Together, oil and agriculture account for approximately 90% of the state’s Gross Domestic Product.
The state is a leading agricultural producer, responsible for approximately 40% of Nigeria’s cocoa exports, and is a major producer of oil palm, cassava, rubber, mango, and rice. Beyond agriculture, Ondo State is rich in mineral resources, including kaolin, limestone, bulk clay, silica sand, granite, and Africa’s largest known deposit of bitumen.
Ondo State sits at the centre of Nigeria’s estimated 42 billion barrels of oil-equivalent bitumen reserves, reinforcing its strategic importance within the country’s long-term industrial and energy development plans.
Coastal Access & Global Trade Potential
With approximately 75 kilometres of Atlantic coastline, Ondo State has the longest unbroken seashore in Nigeria. This natural advantage supports planned developments including a deep-sea port located approximately two kilometres offshore, accompanied by a large-scale Free Trade Zone.
The proposed Port Ondo, with a projected depth of 16.5–18 metres, is expected to accommodate large commercial vessels, strengthening trade connectivity and positioning the state as a critical gateway for regional and international commerce.
The adjacent 2,771-hectare Free Trade Zone development is designed to support industrial activity, logistics, manufacturing, and export-oriented businesses, further enhancing Ondo State’s global trade potential.
Ondo Investment Limited Perspective
The $50 billion refinery and Free Trade Zone initiative represents more than a single project — it signals a broader shift in Ondo State’s economic trajectory.
As stated by state leadership:
“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”
Ondo Investment Limited will continue to track, analyse, and share verified updates on initiatives such as this, helping investors understand how policy, infrastructure, and large-scale developments are shaping the future investment landscape of Ondo State.
Learn More About This Opportunity
For investors, developers, and partners, this deal signals a shift: Ondo State is rapidly evolving into a high-potential commercial corridor with strategic value, downstream infrastructure, export capacity, and a business-friendly environment.
News / Project Spotlight
In November 2025, Ondo State signed a landmark US $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture.
Under the deal, the consortium — comprising firms including Backbone Infrastructure Nigeria Limited (BINL), international partners, and investors — will build a 500,000-barrels-per-day refinery and a 1,471-hectare “Sunshine Free Trade Zone” in the Ilaje area, positioning Ondo as a next-generation industrial and export hub.
This represents one of the largest private-sector investment commitments in Nigeria’s downstream oil and gas sector — a development framework designed to transform industries, stimulate growth, and open up massive opportunities for commercial development, investment, infrastructure, and trade.
For investors, developers, and partners, this deal signals a shift: Ondo State is rapidly evolving into a high-potential commercial corridor with strategic value, downstream infrastructure, export capacity, and a business-friendly environment.