Business
Ondo Signs MoUs for Deep Sea Port and $4B Fertiliser Plant to Boost Investment
Ondo State signs MoUs for a deep sea port and $4B petrochemical fertiliser plant, aiming to create jobs, attract FDI, and boost industrialisation
The Ondo State government has taken major steps to boost industrialisation and attract investment by signing two significant Memoranda of Understanding (MoU) during the Ondo State Investment Summit 2026 in Akure.
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Governor Lucky Aiyedatiwa signed agreements for a proposed deep sea port and a $4 billion petrochemical fertiliser plant, describing them as catalysts for business, industry, innovation, and global partnerships.
The state will hold a 12.5% equity stake in the deep sea port under a Public-Private Partnership, while private partners will control the remaining 87.5%.
The fertiliser plant, located in the southern senatorial district, will leverage Ondo’s proximity to the Niger Delta energy belt and support gas-based industries and embedded power solutions.
Aiyedatiwa emphasised that these projects signal a deliberate shift in Ondo’s economy from consumption to production. He noted that investors prioritise structure, certainty, and political will, all of which Ondo provides.
The governor assured that all investment discussions and agreements would be tracked, with results showcased at the 2027 summit, highlighting implemented projects and economic impact.
Under the “OUR EASE” mantra, the government has simplified processes, strengthened institutions, improved transparency, and accelerated approvals to attract investors.
Ondo’s 75-kilometre Atlantic coastline, solid mineral deposits, oil-producing communities, and strong connectivity make it a strategic investment destination.
Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, praised Aiyedatiwa for his first-year achievements and urged strategic planning for a lasting legacy.
The Nigerians in Diaspora Commission highlighted the importance of diaspora involvement in investment, describing Ondo as a land of opportunity.
Abike Dabiri-Erewa encouraged Nigerians abroad to leverage enabling legislation and government protocols to drive growth and job creation.
The summit also featured discussions on agriculture, solid minerals, and the blue economy, emphasising Ondo as a food basket and industrial hub in the South.
Speakers, including Cosmas Maduka of Coscharis Group and representatives from MTN Group, stressed that domestic investment generates sustainable growth, citing how an initial $10 million commitment yielded $1 billion in a year.
Special Adviser to the President on Economic Affairs, Tope Fasua, highlighted federal reforms, including naira adjustments, fuel subsidy removal, and taxation measures, which aim to ease investment processes across states.
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The summit positions Ondo State as a leading investment destination, signalling a proactive approach to industrialisation, job creation, and economic diversification.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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