Backbone Infrastructure Nigeria Limited (BINL) has announced plans to construct a $15 billion refinery and establish a free trade zone in Ondo State, Nigeria.
The project is a joint venture with the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA), and will leverage participation from the Nigerian National Petroleum Company Limited (NNPC) for crude oil supply assurance.
The refinery will have a capacity of 500,000 barrels per day (BPD) and will be located at the Sunshine Industrial Park in Ogboti, Erunna.
The project will be implemented in phases, with the initial phase involving the construction of a 100,000 BPD refinery estimated to cost $4 billion.
This phase is expected to be completed within 48 months.
The free trade zone, known as the Sunshine Free Trade Zone (FTZ), will be located in the Ilaje Local Government Area of Ondo State. The zone will be developed with the required infrastructure and facilities to support effective operation and management.
The project is expected to have a significant impact on the state’s economy, including reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue, and creating local jobs. The project will also stimulate local economic growth and development.
BINL recently had a courtesy visit to the Governor of Ondo State, Hon. Lucky Aiyedatiwa, as part of the project’s implementation process. Memoranda of understanding will be executed on July 15, 2025, to kick-start the project.
The partnership between BINL and the Ondo State Government is expected to drive economic growth and development in the state. The project will also create opportunities for local businesses and entrepreneurs.
The project is expected to have a significant economic impact on the state and the country as a whole. It will contribute to the growth and development of the local economy and increase the country’s foreign exchange earnings.
SOURCE: independent.ng