ONDO — Backbone Infrastructure Nigeria Limited (BINL) has announced the successful acquisition of over $50 billion in project funding for the development of a 500,000 barrels-per-day refinery and the Sunshine Free Trade Zone in Ilaje Local Government Area of Ondo State.
The funding was secured through a joint venture agreement with NEFEX Holdings Limited of Canada, and is considered one of the largest private sector investment packages in Nigeria’s downstream oil and gas industry.
According to BINL, the project will cover:
Construction of a mega refinery with a daily capacity of 500,000 barrels
Development of a 1,471-hectare Free Trade Zone
Infrastructure to support refining, export, and industrial activities
The initiative follows the signing of a Memorandum of Understanding (MoU) between BINL and the Ondo State Government, facilitated by the Ondo State Investment Promotion Agency (ONDIPA).
BINL’s Chairman, former Senate President Ken Nnamani, is expected to lead a delegation to Ondo State for strategic meetings and a courtesy visit to Governor Lucky Aiyedatiwa.
The project is expected to:
Boost Nigeria’s refining capacity
Create thousands of jobs
Attract foreign direct investment
Position Ondo State as a key energy and trade hub
Industry analysts say the development could significantly reduce Nigeria’s reliance on imported refined petroleum products and enhance regional economic integration.
