A dedicated project company has been created to push forward Ondo State’s massive 500,000-barrel-per-day refinery and the Sunshine Free Trade Zone, marking a major step toward bringing both developments to life.

The new firm, Sunshine Joint Venture Infrastructure Limited, was incorporated by the project’s funding partners in collaboration with the Ondo State Government. According to the partners, establishing the company signals their unity and readiness to advance the multibillion-dollar plan.

This comes after earlier reports confirmed that Backbone Infrastructure Nigeria Limited had begun on-site technical work in Ilaje Local Government Area where the refinery and FTZ will be located. The company previously revealed that it had secured over $50 billion in funding commitments through a joint venture deal with Canada-based NEFEX Holdings, positioning the initiative as one of the biggest private investments ever targeted at Nigeria’s downstream sector.

With the new project vehicle now in place, it will be responsible for implementing existing agreements signed with the Ondo State Investment Promotion Agency.

Project representatives said the joint venture has already held strategic sessions in Dubai to finalise financial arrangements and plan the first set of on-ground activities. These include contractor mobilisation, early community engagement, and preparations for groundbreaking ceremonies. Senior officials from both local and international partner organisations attended the meeting.

Part of the initial rollout will involve setting up an information centre, producing architectural models, and developing essential support structures for the large-scale project. State authorities are also working closely with local communities that may require relocation, aiming to ensure a smooth and peaceful process.

The partners emphasised that the refinery and Free Trade Zone will transform the state’s economy by attracting major investments, generating substantial employment, boosting export capacity, and positioning Ondo as a key hub for energy and industrial growth.

The two projects are expected to become some of the most impactful industrial developments in the state’s history.