The Ondo State Government has signed two major Memoranda of Understanding (MoUs) for the development of a Deep Sea Port and a $4 billion petrochemical fertiliser plant, officials said on Tuesday at the Ondo State Investment Summit 2026 in Akure.

The agreements were formalised at the International Centre for Culture and Events (The Dome) as part of the government’s bid to reposition the state as an industrial and investment hub, Governor Lucky Aiyedatiwa said. The first MoU covers the Deep Sea Port project in Ilaje Local Government Area, where the state government will hold a 12.5 per cent equity stake while private partners hold the remaining 87.5 per cent under a public-private partnership model.

LiveA second agreement was signed with Resident Fertilizer PLC to establish a $4 billion petrochemical fertiliser plant in Ondo’s Southern Senatorial District, which officials say will leverage the region’s agricultural and gas resources to produce fertiliser at scale for both local and export markets.

Addressing investors at the summit, Aiyedatiwa described the signings as a shift from a consumption-driven economy to one anchored on production, private sector participation and global partnerships, saying the state is now open for business, industry, innovation and investment. He said the government will track every engagement and commitment from the forum to ensure measurable outcomes and visible development.

The proposed Deep Sea Port is planned with a natural draft of between 16.5 and 18 metres to accommodate large commercial vessels and serve as a key maritime gateway for trade. Sunshine Industrial City, a 2,771-hectare free trade zone adjacent to the port, is also envisioned to support manufacturing, logistics, petrochemicals and agro-processing, creating jobs and boosting regional commerce.

Senate President Godswill Akpabio, represented at the event by Senator Jimoh Ibrahim, praised the administration’s commitment to long-term economic planning and encouraged strategic thinking that leaves a lasting legacy. Other stakeholders, including business leaders and diaspora representatives, urged strong follow-through on the investment agreements to turn them into jobs, infrastructure and industrial capacity.