Ondo State to own 12.5% stake in Port of Ondo

The Ondo State Government has signed a Memorandum of Understanding for a Deep Sea Port project in which government will hold a 12.5 per cent stake, while the partnering companies will take 87.5 per cent equity.

The state also signed another agreement between Resident Fertilizer and the state government for a $4 billion petrochemical fertiliser plant project in the southern senatorial district of the state.

The State Governor, Dr Lucky Orimisan Aiyedatiwa, made this known at the Ondo State Investment Summit 2026 held at the International Centre for Culture and Events (The Dome), Akure, on Monday, February 23.

Governor Lucky Orimisan Aiyedatiwa declared unequivocally that the state is open for business, industry, innovation and global partnerships.

According to him, Ondo will no longer rely predominantly on civil service structures but will reposition itself as a private sector-led industrial powerhouse driven by structured policy, regulatory clarity and political will.

“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,” he said.

Governor Aiyedatiwa stressed that the summit was not a ceremonial gathering but a commitment to measurable outcomes.

He assured participants that every engagement, investment discussion and decision reached at the forum would be tracked, adding that by the 2027 edition, the state would present implemented projects and demonstrable economic impact arising from commitments made this year.

At the centre of the state’s industrial vision is the proposed Ondo Deep Sea Port under a Public-Private Partnership concession framework.

Designed with a natural draft of between 16.5 and 18 metres and direct Atlantic access, the port is expected to accommodate large commercial vessels and position Ondo as a strategic maritime gateway.

Bordering the proposed port is the Sunshine Industrial City, designated as a Free Trade Zone spanning 2,771 hectares. Together, both projects are conceived as an integrated port-linked industrial ecosystem comprising manufacturing, maritime services, petrochemical processing, agro-industrial facilities, and logistics platforms with direct export access.