Backbone Infrastructure Nigeria Limited (BINL) has announced a transformative plan to build and operate a 500,000-barrels-per-day (bpd) oil refinery in the Sunshine Industrial Park and Free Trade Zone in Ilaje Local Government Area of Ondo State. The $15 billion project is part of a public-private partnership with the Ondo State Government through the Ondo State Development and Investment Promotion Agency (ONDIPA).
The first phase of the refinery is projected to be completed within 48 months, with discussions already ongoing between BINL and NNPC Limited to secure strategic cooperation for the delivery of the state-of-the-art facility.
Speaking after a high-level meeting with Governor Lucky Aiyedatiwa, BINL’s Vice President for Corporate Services, Mr. Wale Adekola, emphasized that the project will significantly impact the local economy and support national energy security.
“The BINL refinery will provide petroleum products for local consumption, feedstock for other industries, and refined exports to regional and international markets,” Adekola stated.
The project includes the development of expansive infrastructure such as internal roads, storage tanks, loading bays, and terminal facilities. As part of the broader Sunshine Free Trade Zone initiative, BINL also aims to deploy additional support infrastructure to ensure efficient long-term operations.
The refinery is expected to generate thousands of direct and indirect jobs, foster local industrial growth, and position Ondo State as a strategic energy and export hub in West Africa.
A formal memorandum of understanding (MoU) with ONDIPA is set to be signed soon, solidifying the terms of the public-private collaboration.
