Ondo State has signed a $362 million investment agreement to establish West Africa’s first fully integrated titanium value-chain processing plant and Africa’s second, positioning Nigeria to process more of its mineral resources locally and supply materials to international markets.
The agreement between the state government and PyVee Limited, a Nigerian company with links to U.S. industrial and technical expertise, was signed on Saturday, October 10, 2026. The project will process Nigeria’s ilmenite ore into higher-value products rather than export it in its raw form, with the aim of reducing dependence on imported titanium products and connecting the country’s critical-minerals industry to aerospace and defence supply chains in the United States.
The facility will occupy 100.079 hectares allocated by the state government 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 captive power generation and proximity to the Deep-Sea Port and export logistics along the Lagos–Calabar Coastal Corridor.
The agreement was facilitated through the Ondo State Development and Investment Promotion Agency (ONDIPA) and signed at the office of the Secretary to the State Government in Alagbaka, Akure.
The project will be developed through PyVee Nigeria Titanium Limited, a joint-venture Special Purpose Vehicle (SPV), in two phases. The first involves a $12 million commercial pilot plant, followed by a full-scale titanium processing complex. The total capital requirement is estimated at $362 million, with the combined investment in the two phases exceeding $350 million.
Peter Oladipupo, founder and chief executive officer of PyVee Limited, said the immediate priorities were mobilisation and construction of the pilot facility. Commercial operations are targeted to begin approximately 21 months from the date of the agreement.
The plant is expected to produce titanium dioxide pigment and titanium sponge. Its integrated chemical-processing system will also provide a platform for future production of niobium-titanium alloys and selected rare earth products.
The proposed investment carries substantial economic projections. According to Oladipupo, the two phases could generate more than ₦300 billion in annual gross economic value for Ondo State and over ₦480 billion nationally. The project is expected to create more than 150 direct jobs during the pilot phase, over 800 direct jobs in the second phase, and more than 5,000 additional indirect and induced jobs. These remain projections, with their realisation dependent on implementation and the development of commercial operations.
PyVee Limited designs, develops, deploys and operates modular chemical manufacturing plants for critical materials and chemicals. Its work spans process development, engineering, feasibility studies, financing and commercial partnerships, with a focus on modular facilities that can be deployed across Africa to diversify global supply chains.
Oladipupo, a native of Ogun State, described the agreement as a step towards implementing the project and building the industrial capacity required to derive greater value from Africa’s mineral resources. He said the company also intends to establish partnerships that connect African critical-mineral value chains with global markets.
Under the agreement, the Ondo State Government will facilitate access to raw materials, support the acquisition of required licences, permits and regulatory approvals, provide critical infrastructure within the project area and coordinate the resolution of host community-related matters. These responsibilities are intended to support the project's implementation and long-term sustainability.
A notable feature of the transaction is the equity-for-land arrangement, under which Ondo State will receive a stake in the project's SPV rather than a one-off cash payment for the land.
Emmanuel Omomowo, chief executive of ONDIPA, said the agency helped structure the transaction and conduct due diligence on PyVee's technical and financial capacity. He explained that the equity arrangement gives the state a direct interest in the venture's performance, adding that the government intends to replicate the model in future public-private partnership projects.
Taiwo Fasoranti, the Secretary to the Ondo State Government, linked the agreement to Governor Aiyedatiwa's industrialisation agenda, which seeks to convert the state's mineral resources into local employment, technology transfer and sustained 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 commissioning and to attracting foreign direct investment into Ondo's mining and materials-processing sector.
The immediate milestone is the construction of the $12 million pilot plant, which will precede the proposed full-scale processing complex. The targeted commercial launch, approximately 21 months after the agreement, will be an important step in determining how quickly the project can begin delivering on its industrial and economic projections.
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