Backbone Infrastructure Nigeria Limited (BINL) has announced plans to construct a $15 billion, 500,000 barrels per day (BPD) crude oil refinery and establish a Free Trade Zone in Ondo State.
The refinery, to be sited at the Sunshine Industrial Park in Ogboti, Eruuna, will be developed in partnership with the Ondo State Government through the Ondo State Development and Investment Promotion Agency (ONDIPA). The first phase, a 100,000 BPD facility, is expected to be completed within 48 months.
BINL is also in talks with the Nigerian National Petroleum Company Limited (NNPCL) to facilitate the delivery of the ultra-modern refinery.
As part of the rollout, BINL will pay a courtesy visit to Ondo State Governor, Hon. Lucky Aiyedatiwa, on July 14, followed by the signing of Memoranda of Understanding with ONDIPA on July 15.
The refinery will produce petroleum products for local consumption, serve as feedstock for other industries, and support international exports. The project scope includes road construction, storage tanks, loading bays, terminals, and handling equipment.
The Sunshine Free Trade Zone (FTZ) project in Ilaje Local Government Area will feature comprehensive infrastructure and a governance framework aligned with international standards and community development goals.
BINL’s Vice President for Corporate Services, Mr. Wale Adekola, said the projects are expected to reduce Nigeria’s trade deficit, conserve foreign exchange, and boost government revenue and economic growth. At the local level, the initiatives will create jobs, stimulate economic activity, and support community development through education programmes, local hiring, and infrastructure projects.
He added that early stakeholder engagement is underway to ensure community buy-in and prevent opposition.
