Backbone Infrastructure Nigeria Limited (BINL) teams up with the Ondo State Government through the Ondo State Development and Investment Promotion Agency (ONDIPA). They plan to build a $15 billion oil refinery and a Free Trade Zone in Sunshine Industrial Park, Ogboti-Eruuna, Ilaje, Ondo State. The refinery will handle 500,000 barrels of oil daily. It starts with a 100,000-barrel modular unit, which BINL aims to complete in 48 months.
The project covers vital infrastructure like roads, storage tanks, loading bays, and terminals. These will support both the refinery and the Free Trade Zone. BINL is in talks with the Nigerian National Petroleum Company Limited (NNPC Ltd.) for a possible partnership. The refinery will produce fuel for local use, supply materials to nearby industries, and export products globally. This effort will reduce Nigeria’s trade deficit, save foreign exchange, create many jobs, and drive economic growth in the region.
BINL will formalize its agreement with ONDIPA after a meeting with Governor Lucky Aiyedatiwa on July 14. The signing happens the next day, July 15. The project follows strict environmental and social standards to ensure compliance. BINL also commits to community support through education programs, local job opportunities, and new infrastructure like schools and roads. This approach aims to benefit the people of Ilaje and avoid any community concerns.