$15 BILLION ONDO MEGA-REFINERY SET FOR TAKEOFF AS BINL PARTNERS STATE GOVERNMENT

A new era of industrial development is set to unfold in Ondo State as Backbone Infrastructure Nigeria Limited (BINL) unveils plans to construct a 500,000 barrels per day (bpd) refinery alongside a Free Trade Zone in the Ilaje LGA, in a $15 billion joint venture with the Ondo State Government.
The project—billed as a transformative catalyst for Nigeria’s domestic refining capacity—will be developed in phases, beginning with a 100,000 bpd installation at the Sunshine Industrial Park in Ogboti, Eruuna. A courtesy visit to Governor Lucky Aiyedatiwa is scheduled for July 14, followed by the signing of memoranda of understanding with the Ondo State Development and Investment Promotion Agency (ONDIPA) the next day.
BINL’s Vice President for Corporate Services, Wale Adekola, stated that the refinery will serve both local and international markets with petroleum products, reduce import dependency, and stimulate regional development. The project includes the construction of roads, storage tanks, handling equipment, and loading bays, as well as the establishment of a full-service Free Trade Zone governed under international standards.
BINL also disclosed ongoing discussions with the Nigerian National Petroleum Company Limited (NNPCL) to facilitate project execution and integration with national infrastructure. In addition to economic benefits, the initiative promises thousands of jobs and robust community engagement through CSR programmes focusing on education, employment quotas, and infrastructure support.