Backbone Infrastructure Nigeria Limited (BINL), in partnership with the Ondo State Government, has unveiled plans to construct a $15 billion refinery and develop a state-of-the-art Free Trade Zone (FTZ) in Ilaje Local Government Area of Ondo State—marking one of the most ambitious industrial undertakings in Nigeria’s recent history.
According to a statement issued by BINL on Wednesday, the multi-billion-dollar project will be sited at the Sunshine Industrial Park in Ogboti-Eruuna, alongside the proposed Sunshine Free Trade Zone. The project is set to be delivered through a joint venture between BINL and the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA).
The project will be executed in phases, with the first stage involving a 100,000 barrels-per-day (BPD) modular refinery. This phase is projected to be completed within 48 months, setting the stage for full-scale development to achieve a cumulative capacity of 500,000BPD upon completion.
BINL further disclosed that preliminary discussions are already underway with the Nigerian National Petroleum Company Limited (NNPC Ltd.) for a potential strategic partnership to support the execution of the refinery component.
Commenting on the project’s scope and objectives, the Vice President of Corporate Services at BINL, Wale Adekola, stated that the refinery would cater to both domestic and export markets.
“This is a game-changing industrial project that will help reduce Nigeria’s trade deficit, conserve scarce foreign exchange, and boost government revenues. At the state and local levels, we are confident that it will stimulate job creation and drive economic activity,” Adekola said.
He added that the refinery would also provide essential feedstock for local industries, helping to unlock the potential of Nigeria’s manufacturing and petrochemical sectors.
The refinery project is expected to include critical supporting infrastructure such as internal road networks, product storage facilities, loading bays, terminals, and materials handling systems.
In parallel, the proposed Sunshine Free Trade Zone will host industrial and commercial operators in a duty-free, business-friendly environment equipped with world-class infrastructure in line with global standards.
BINL affirmed that the entire initiative would be developed under a robust governance framework with full compliance to national environmental and social impact regulations.
As part of its Corporate Social Responsibility (CSR) agenda, BINL has pledged to prioritize local employment, education initiatives, and community infrastructure in host communities. Adekola emphasized that CSR would not be a formality, but a core value of the partnership with Ondo communities.
“Beyond the economics, we are deeply committed to community development. Our CSR plan focuses on education, social infrastructure, and stakeholder engagement to ensure inclusive benefits and avoid potential resistance,” he noted.
To cement the partnership, BINL has scheduled a courtesy visit to the Ondo State Governor, Lucky Aiyedatiwa, on July 14, followed by the official signing of the Memorandum of Understanding (MoU) on July 15.
The Ondo State Government has expressed strong support for the project, viewing it as a strategic catalyst for regional industrialization, youth employment, and revenue diversification.
This collaboration between BINL and the Ondo State Government could significantly enhance Nigeria’s refining capacity and reduce its dependency on petroleum product imports. If successfully executed, the project will also reposition Ondo as a major industrial and logistics hub in the South-West region.
BINL, a multi-sectoral infrastructure development firm with operational offices in Abuja, London, and Zug, Switzerland, has reiterated its long-term commitment to Nigeria’s industrial transformation through sustainable infrastructure investments.
With this landmark $15 billion refinery and free trade zone plan, Ondo State is poised to join the ranks of Nigeria’s leading industrial centers, while BINL cements its position as a key player in Africa’s infrastructure renaissance.