Ondo State is shifting from exporting raw minerals to building local industry, following a $362 million Public-Private Partnership agreement to establish Nigeria’s first fully integrated titanium value-chain processing plant.

The deal, signed between the Ondo State Government and PyVee Limited through the Ondo State Development and Investment Promotion Agency, ONDIPA, is designed to ensure that the state’s ilmenite ore is processed within Nigeria rather than shipped abroad in its raw form.

For years, Nigeria has exported mineral resources with little value added locally. The Ondo project seeks to reverse that pattern by creating a processing hub that will convert ilmenite into titanium dioxide pigment and titanium sponge—materials used in paints, plastics, aerospace, defence and advanced manufacturing.

A New Industrial Corridor

Under the agreement, the state government will allocate 100.079 hectares of land at Alape, along the Igbokoda–Ugbonla Road in Ilaje Local Government Area. The site was chosen for its access to lagoon water, gas infrastructure for captive power generation, and proximity to export logistics along the Lagos–Calabar Coastal Corridor.

The project will be delivered through a joint-venture Special Purpose Vehicle, PyVee Nigeria Titanium Limited, with an estimated capital outlay of $362 million across two phases.

Phase One will focus on a commercial pilot plant, while Phase Two will expand operations into a full-scale titanium processing complex. The pilot plant is expected to begin commercial operations about 21 months after the agreement.

Jobs, Revenue and Technology

Beyond processing minerals, the initiative is expected to create more than 150 direct jobs in its first phase and over 800 in the second phase, with thousands of indirect employment opportunities across transport, logistics, services and supply chains. The state government projects that the facility could generate more than N300 billion in annual gross economic value for Ondo State and over N480 billion nationally.

Importantly, Ondo State will take equity in the Special Purpose Vehicle in exchange for the land, rather than receive a one-off payment. This gives the government a long-term stake in the success of the investment and a share in its future returns.

Policy Shift on Raw Exports

The agreement reflects a broader policy direction: retaining mineral value within Nigeria, reducing dependence on imported processed products, attracting technology transfer, and creating sustainable revenue beyond crude oil.
Speaking on behalf of the state, Secretary to the State Government, Taiwo Fasoranti, said the partnership aligns with Governor Lucky Aiyedatiwa’s industrialisation agenda, stressing that Ondo’s mineral wealth should translate into jobs, technology and lasting revenue for residents.

ONDIPA Chief Executive, Emmanuel Omomowo, described the equity-for-land arrangement as a model for future investments, noting that the state would now benefit directly as the project grows.

For PyVee Limited, Founder and CEO Peter Oladipupo said the agreement moves the titanium-processing project closer to implementation, with a focus on creating greater value from Africa’s mineral resources and connecting them to global markets.

If successfully implemented, the Ondo titanium plant could become a major step in Nigeria’s effort to move from mineral extraction to mineral processing and from raw exports to industrial value creation.