The Ondo State Government has signed a $362 million Public-Private Partnership (PPP) agreement with PyVee Limited to establish an integrated titanium processing plant in Ilaje Local Government Area, in a move aimed at boosting local mineral processing, creating jobs and strengthening Nigeria’s position in the global critical-minerals market.
The proposed facility, described by the project promoters as West Africa’s first and Africa’s second fully integrated titanium value-chain processing plant, is expected to reduce Nigeria’s dependence on imported titanium products while unlocking greater economic value from the country’s mineral resources.
The agreement was signed on Saturday at the Office of the Secretary to the State Government in Alagbaka, Akure, through the Ondo State Development and Investment Promotion Agency (ONDIPA).
Under the agreement, the state government has allocated 100.079 hectares of land at Alape, along the Igbokoda–Ugbonla Road in Ilaje Local Government Area, for the project. The location was selected for its access to lagoon water, gas infrastructure for power generation and proximity to the proposed deep-sea port and export logistics along the Lagos–Calabar Coastal Corridor.
Speaking with journalists, the Founder and Chief Executive Officer of PyVee Limited, Peter Oladipupo, said the state government would support the project by facilitating access to raw materials, assisting with licences and regulatory approvals, providing critical infrastructure and coordinating host community engagement.
He explained that the project would be implemented through a joint-venture Special Purpose Vehicle, PyVee Nigeria Titanium Limited, with an estimated total investment of $362 million spread across two phases.
According to Oladipupo, the first phase will involve the construction of a commercial pilot plant, while the second will deliver a full-scale titanium processing complex. The initial phase is expected to require $12 million, with mobilisation and construction identified as immediate priorities following the signing of the agreement.
The two phases are projected to generate more than N300 billion in annual gross economic value for Ondo State and over N480 billion nationally. The project is also expected to create more than 150 direct jobs during the first phase and over 800 direct jobs in the second phase, alongside more than 5,000 indirect and induced employment opportunities.
Oladipupo said the facility would process Nigeria’s ilmenite ore locally rather than export it in its raw form, enabling the country to retain more value from its mineral resources and reduce reliance on imported titanium products.
He added that the modular processing plant would be fabricated by a United States-based manufacturing partner before being shipped to Nigeria for installation and commissioning.
The proposed facility will produce titanium dioxide pigment and titanium sponge, with provision for the future production of other strategic materials, including niobium-titanium alloys and selected rare earth products, through an integrated chemical-processing system.
PyVee Limited, the project developer, specialises in designing, developing and operating modular chemical manufacturing plants for critical materials and chemicals. Its activities include process development, engineering, feasibility studies, financing and commercial partnerships aimed at diversifying global supply chains.
The company’s advisory board reportedly includes engineering faculty members from Purdue University, a former DuPont vice-president and Nigerian industry and policy figures. Its technical team also draws on experience from the Dangote Petroleum Refinery and Petrochemicals complex.
Oladipupo described the agreement as a significant step towards implementing the project, saying the company’s objective was to develop the industrial capacity required to extract greater value from Africa’s mineral resources while connecting local supply chains to international markets.
“With land allocation now secured, the immediate priorities are on the $12 million Phase 1 pilot plant, mobilisation, and construction, with commercial operation of the pilot targeted roughly 21 months from the date of this agreement,” he said.
The Chief Executive Officer of ONDIPA, Emmanuel Omomowo, said the agency played a key role in structuring the transaction and reducing investment risks for both parties, including conducting due diligence on PyVee’s technical and financial capacity.
He explained that the agreement adopted an equity-for-land arrangement under which the state would receive an ownership stake in the project’s special-purpose vehicle rather than a one-off payment for the land.
“By taking equity instead of cash for the land, Ondo State isn’t just a host, we’re a partner whose fortunes rise with the project’s success, and that’s the model we want to replicate across future investments,” Omomowo said.
He described the arrangement as a model for future PPP-driven industrial investments in the state, noting that it would align the government’s interests with the project’s long-term performance.
The Secretary to the Ondo State Government, Taiwo Fasoranti, who spoke on behalf of the administration, said the partnership reflected Governor Lucky Aiyedatiwa’s industrialisation agenda, which seeks to translate the state’s mineral resources into local employment, technology transfer and sustainable revenue.
“This is exactly the kind of partnership our administration has been working toward, one where Ondo State’s resources stay home long enough to create value, jobs, and lasting revenue for our people,” Fasoranti said.
He reaffirmed the government’s commitment to supporting the project from land allocation through construction and commissioning, adding that the administration was determined to position Ondo State as a competitive destination for foreign direct investment in mining and materials processing.
