A multinational company, Backbone Infrastructure Nigeria Limited (BINL), has announced its plan to construct and operate a 500,000 barrel per day (bpd) refinery at the Sunshine Industrial Park in Ogboti, Eruuna and Sunshine Free Trade Zone (FTZ) in the Ilaje Local Government Area of Ondo State.
The refinery, a joint venture with the Ondo State Government represented by the Ondo State Development and Investment Promotion Agency (ONDIPA), will cost $15 billion, with phase one expected to be completed within 48 months.
While it has scheduled a courtesy visit to Governor Lucky Aiyedatiwa of Ondo State for Monday, July 14, 2025, with the signing of memorandum of understanding (MoU) to be signed the next day with ONDIPA representing the state government to kick start the delivery of the projects, BINL is also exploring partnership with the Nigerian National Petroleum Corporation Limited (NNPCL) to facilitate the delivery of the ultra-modern crude oil refinery.
According to BINL, a multi-sectoral infrastructure development company with offices in Abuja, London and Zug in Switzerland, the project will be phased commencing with a 100,000 refinery.
BINL’s Vice President for Corporate Services, Mr Wale Adekola, said the refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.
The refinery project, according to Adekola, will include the construction of roads, storage tanks, loading bays, terminals and handling equipment while the scope of the Free Trade Zone Project includes the development of the required infrastructure and facilities for the effective operation and management of the Free Trade Zone.
He also added that the development framework will involve a comprehensive and strict governance structure, the development of the local community in compliance with international standards and relevant laws.
He said, “These projects will contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue and economic development.
“At the state and local levels, these projects will create local jobs, stimulate the local economy through increased demand for goods and services.
“The Corporate Social Responsibility (CSR) strategy includes community engagement programs such as education initiatives, local employment quotas and infrastructure development for surrounding communities and engaging local stakeholders early to mitigate potential opposition to the project.”
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