The Backbone Infrastructure Nigeria Limited (BINL) is set to construct a 500,000-barrel-per-day (BPD) refinery and establish a Free Trade Zone with an estimated cost of $15 billion in Ondo State.
News Central learnt that the refinery will be located at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ) in the Ilaje Local Government Area of Ondo State.
This was disclosed in a press release by the firm on Wednesday.
It stated that 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.
The company is considering a partnership with the Nigerian National Petroleum Company Limited (NNPCL) to ensure the timely completion of the ultra-modern crude oil refinery.
The firm is expected to brief the Executive Governor of Ondo State, Hon. Lucky Aiyedatiwa, on July 14, 2025.
The Ondo State Government, represented by ONDIPA, and BINL will finalise a memorandum of understanding to kick off the delivery of the projects.
BINL added that a multi-sectoral infrastructure development company with locations in Abuja, London, and Zug will oversee the implementation. The initial phase will commence with a 100,000 BPD refinery.
In his remarks, BINL’s Vice President for Corporate Services, Wale Adekola, said:
“The BINL refinery will offer petroleum products for domestic consumption, feedstock for other indigenous companies, and petroleum products for the international market.”
Other facilities to be developed as part of the project include the construction of roads, storage tanks, loading bays, terminals, and handling equipment.
The Free Trade Zone project is expected to ensure the development of requisite infrastructure and facilities for the effective operation and management of the zone.
It will rely on a comprehensive and strict governance structure for the development of the local community in compliance with global benchmarks and relevant laws.
Adekola added that the projects:
“will contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue, and driving economic development.”
He also noted that the initiative will:
“boost the informal sector through job creation for residents and stimulate the local economy through increased demand for goods and services.”
The firm promises to incorporate community engagement programmes, including education initiatives, local employment quotas, and infrastructure development for surrounding communities, as part of its Corporate Social Responsibility (CSR) strategy.
