Reporting by the Nigerian Tribune indicates that Governor Lucky Aiyedatiwa has signed a transformative investment framework during the Ondo State Investment Summit 2026. The deal includes the development of a Deep Sea Port where the state holds a 12.5% stake, alongside a massive $4 billion petrochemical fertilizer plant.
The Governor declared that the state is shifting its economic base from a civil service-driven model to a private sector-led industrial powerhouse, aiming to leverage its coastline for global trade.
Supporting coverage from ThisDay Live emphasized the scale of the foreign direct investment involved, quoting Governor Aiyedatiwa: “Ondo State is now open for business, innovation, and global partnerships on a scale never seen before.”
Additionally, The Nation highlighted the federal support for the project, noting that the Special Adviser to the President on Economic Affairs attended the signing. The Nation quoted official remarks stating, “This project aligns with the national goal of boosting domestic production and reducing our reliance on imported fertilizers.”
Echotitbits take:
Ondo State is sitting on a goldmine with its coastline, and this deep-sea port could potentially decongest the Lagos ports. The $4 billion petrochemical plant is particularly strategic, as it positions Nigeria to become a net exporter of fertilizer to the West African sub-region. Watch for the environmental impact assessments and the timeline for the commencement of dredging.
Source: Vanguard- https://www.vanguardngr.com/2026/02/summit-aiyedatiwa-signs-mous-on-deep-seaport-4bn-petrochemical-fertiliser-plant/amp/, February 24, 2026
Photo credit: Vanguard
