The Ondo State Government, under the administration of Governor Lucky Aiyedatiwa, has signed a $362 million Public-Private Partnership (PPP) agreement with PyVee Limited to construct West Africa’s first and Africa’s second fully integrated titanium value-chain processing plant.
The agreement, facilitated by the Ondo State Development and Investment Promotion Agency (ONDIPA), was signed at the Office of the Secretary to the State Government in Akure, the state capital.
Under the partnership, Ondo State has allocated 100.079 hectares of land at Alape, Ilaje Local Government Area—a strategic site offering access to lagoon water, gas infrastructure, and proximity to the Lagos–Calabar Coastal Corridor.
The state will also assist with regulatory approvals, critical infrastructure, and host community relations.
Structured through a joint-venture Special Purpose Vehicle, PyVee Nigeria Titanium Limited, the project represents an estimated total capital outlay of $362 million.
It will kick off with an initial $12 million commercial pilot plant, targeted to be operational within 21 months, before expanding into a full-scale titanium processing complex.
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Overall, the investment is expected to generate over 800 direct jobs, thousands of indirect opportunities, and yield more than N300 billion annually in gross economic value for Ondo State and N480 billion nationwide.
The facility will process Nigeria’s abundant ilmenite ore locally into titanium dioxide pigment and titanium sponge rather than exporting raw minerals, helping connect Nigeria to global aerospace and defense supply chains. The modular plant will be fabricated by a U.S. partner before shipment to Nigeria.
Speaking at the ceremony, the Secretary to the Ondo State Government, Dr. Taiwo Fasoranti, stated that the initiative aligns with Governor Aiyedatiwa’s industrialisation agenda to ensure state resources generate local jobs and sustained revenue.
Chief Executive Officer of ONDIPA, Emmanuel Omomowo, noted that the state adopted an equity-for-land model in the Special Purpose Vehicle, making Ondo State an active equity partner rather than receiving a one-off land payment.
Founder and CEO of PyVee Limited, Dr. Peter Oladipupo, expressed commitment to advancing the project to implementation, highlighting that initial focus will center on mobilisation and construction.
