By theG&BJournal
TUE FEB 24 2026-theGBJournal| The Ondo State Government has signed a landmark Memorandum of Understanding (MoU) for the development of a deep-sea port and a proposed $4 billion fertilizer plant, marking a major highlight of the state’s investment summit which began on Monday at Akure, the State capital.
The twin projects are expected to transform the coastal state into a key industrial and maritime hub in Nigeria’s southwest corridor.
Governor Lucky Orimisan Aiyedatiwa who secured the major investment commitments said, the Deep Sea Port project will operate under a Public-Private Partnership model, with the state holding a 12.5% equity stake, while private investors retain 87.5%.
The fertiliser plant is expected to drive industrial growth, job creation, and export capacity.
The governor said the initiative marks a shift from a civil service–driven economy to a private sector-led industrial model under his OUR EASE agenda, positioning Ondo as an investment destination backed by policy stability, infrastructure development, and natural economic advantages.
Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, urged the governor to stay focused despite criticism, noting that achievements would define his legacy.
Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, encouraged Nigerians abroad to channel remittances into industrial investments to support economic growth.
Stakeholders at the summit agreed that Ondo State’s future prosperity lies in attracting private capital, building industries, and creating sustainable employment opportunities.
Officials say the deep-sea port will unlock new trade routes, boost export capacity and ease congestion at existing gateways, while the fertilizer plant is projected to strengthen agricultural value chains and enhance food security.
The scale of the proposed investment signals growing private sector confidence in Ondo’s economic potential.
The agreements, sealed before local and international investors at the summit, underscore the state’s push to diversify its economy beyond oil and solid minerals.
Analysts note that successful execution could generate thousands of jobs, stimulate infrastructure development and significantly raise Ondo’s profile on Nigeria’s industrial map.
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