Backbone Infrastructure Nigeria Limited (BINL) is set to build a $15 billion, 500,000 barrels per day (BPD) refinery and establish a Free Trade Zone in Ondo State. The project will be a significant boost to the petroleum downstream sector and is expected to have a positive impact on the local economy and Nigeria’s trade balance.
The refinery will be constructed at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone in Ilaje Local Government Area of Ondo State. This strategic location will enable the company to leverage existing infrastructure and resources, ensuring efficient operations and logistics.
BINL is exploring a partnership with the Nigerian National Petroleum Corporation Limited (NNPCL) to facilitate the delivery of this ultra-modern crude oil refinery. The partnership will enable the company to tap into NNPCL’s expertise and resources, ensuring the successful execution of the project.
A memorandum of understanding will be signed with the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA), on July 15, 2025. This agreement will solidify the partnership between BINL and the Ondo State Government, paving the way for the project’s implementation.
The project will be phased, commencing with a 100,000 refinery, and is expected to be completed within 48 months. This phased approach will enable the company to manage resources effectively, ensure efficient execution, and meet project milestones.
The project aims to contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue, and promoting economic development. The refinery will also create local jobs and stimulate the local economy, having a positive impact on the lives of Nigerians.
BINL’s CSR strategy includes community engagement programs, education initiatives, local employment quotas, and infrastructure development for surrounding communities. The company is committed to ensuring that the project benefits the local community and promotes sustainable development.
BINL has scheduled a courtesy visit to the Executive Governor of Ondo State, Hon. Lucky Aiyedatiwa, on July 14, 2025, ahead of the formal signing of the memorandum of understanding. This visit will further solidify the partnership between BINL and the Ondo State Government, paving the way for the project’s successful implementation.
The $15 billion refinery project is a significant investment in Nigeria’s petroleum downstream sector, expected to drive economic growth, create jobs, and promote sustainable development. With its phased implementation and partnership with NNPCL, the project is poised for success, benefiting both the local community and the Nigerian economy.
