Ondo State Government has signed a 362-million-dollar Public-Private Partnership agreement with PyVee Limited to establish Nigeria’s first fully integrated titanium value-chain processing plant, in a move aimed at boosting industrialisation, creating jobs and increasing revenue.
The agreement, executed through the Ondo State Development and Investment Promotion Agency, ONDIPA, will see the state take an equity stake in the project in exchange for land allocated for the facility.
The plant is expected to process ilmenite ore into titanium dioxide pigment and titanium sponge, materials widely used in paints, plastics, aerospace, defence and advanced manufacturing.
The initiative is designed to reduce the export of raw mineral resources while promoting local processing, technology transfer and value addition within Nigeria.
A NEW INDUSTRIAL HUB
Under the agreement, the state government will provide 100.079 hectares of land at Alape, along the Igbokoda–Ugbonla Road in Ilaje Local Government Area, for the development of the facility.
The location offers access to lagoon water, gas infrastructure for power generation and export logistics along the Lagos–Calabar Coastal Corridor.
The project will be implemented through a joint-venture Special Purpose Vehicle, PyVee Nigeria Titanium Limited, with an estimated investment of 362 million dollars to be executed in two phases.
The first phase will focus on a commercial pilot plant, while the second will expand operations into a full-scale titanium processing complex. Commercial operations at the pilot plant are expected to commence approximately 21 months after the agreement.
JOBS, REVENUE AND ECONOMIC GROWTH
The project is projected to create more than 150 direct jobs in the first phase and over 800 in the second phase, alongside thousands of indirect employment opportunities across transportation, logistics, services and related supply chains.
The state government also projects that the facility could generate more than 300 billion naira in annual gross economic value for Ondo State and over 480 billion naira nationally.
Under the equity-for-land arrangement, Ondo State will hold an ownership stake in the project rather than receive a one-off payment for the land, positioning the government to benefit from the investment’s long-term growth and returns.
GOVERNMENT REAFFIRMS INDUSTRIALISATION DRIVE
Secretary to the State Government, Taiwo Fasoranti, who spoke on behalf of the state government, said the partnership aligns with Governor Lucky Aiyedatiwa’s industrialisation agenda.
He stressed that the state’s mineral resources should translate into employment, technology development and sustainable revenue for its people.
The Chief Executive of ONDIPA, Emmanuel Omomowo, described the equity-for-land arrangement as a model for future investments, noting that it would enable the state to participate directly in the project’s growth.
Founder and Chief Executive Officer of PyVee Limited, Peter Oladipupo, said the agreement brings the titanium-processing project closer to implementation, with a focus on unlocking greater value from Africa’s mineral resources and connecting them to international markets.
If successfully implemented, the project could strengthen Ondo State’s industrial base, reduce dependence on imported processed minerals and position Nigeria as a significant player in the global titanium value chain.
