The Ondo State Government has signed a $362 million public-private partnership (PPP) agreement with PyVee Limited to establish a titanium-processing plant in Ilaje Local Government Area, with the state contributing land in exchange for an equity stake in the project.
BusinessDay reported on October 10, 2026, that the agreement was signed at the Office of the Secretary to the State Government in Akure. Voice of Nigeria also reported the agreement on October 11, 2026, describing the facility as a proposed fully integrated titanium value-chain plant intended to serve markets beyond Nigeria.
The project will be developed through PyVee Nigeria Titanium Limited, a joint-venture special purpose vehicle facilitated by the Ondo State Development and Investment Promotion Agency (ONDIPA).
According to BusinessDay’s October 10 report, the state has allocated 100.079 hectares of land at Alape, along the Igbokoda–Ugbonla Road in Ilaje Local Government Area. The site was selected for its access to lagoon water, gas infrastructure for power generation and proximity to export logistics along the Lagos–Calabar Coastal Corridor.
ONDIPA Chief Executive Officer Emmanuel Omomowo said the transaction was structured to give the state an equity stake in the joint venture rather than a one-off payment for the land, BusinessDay reported.
The state is also expected to facilitate access to raw materials, support regulatory approvals, provide critical infrastructure within the project area and coordinate engagement with host communities.
The development will begin with a $12 million commercial pilot plant, which PyVee founder and Chief Executive Officer Peter Oladipupo said was targeted to commence commercial operations approximately 21 months after the agreement. A full-scale titanium-processing complex is planned for the second phase.
BusinessDay reported that the overall project has an estimated capital outlay of $362 million. Oladipupo said the two phases are projected to generate more than ₦300 billion in annual gross economic value for Ondo State and over ₦480 billion nationally.
The employment projections include more than 150 direct jobs during the pilot phase, over 800 direct jobs at full scale and more than 5,000 indirect and induced jobs across the wider value chain.
The proposed facility will process ilmenite ore into titanium dioxide pigment and titanium sponge. Titanium dioxide is used in products such as paints and coatings, while titanium sponge is an intermediate material used in titanium metal production, including for aerospace applications.
According to BusinessDay, the modular processing equipment will be fabricated by a United States-based partner before being shipped to Nigeria for installation and commissioning. The project could also support future production of niobium-titanium alloys and selected rare earth products.
Oladipupo said the agreement marked a step towards implementation, with immediate priorities including mobilisation and construction of the pilot plant.
The projected economic gains and jobs will depend on financing, construction, regulatory approvals and the facility’s eventual commercial performance.
