Nigeria TV Info – Ondo State’s Refinery and Free Trade Zone Project Takes Shape

Ondo State, Nigeria – The proposed refinery and free trade zone in Ondo State is steadily moving toward reality following the formalisation of a joint venture between Backbone Infrastructure Nigeria Limited (BINL) and the Ondo State Government. Technical engagements, including site assessments, have commenced for the refinery and free trade zone project in Ilaje Local Government Area.

Backbone Infrastructure Nigeria Limited recently disclosed that it has secured over $50 billion in funding commitments for the 500,000 barrels-per-day (bpd) refinery and the Sunshine Free Trade Zone in Ilaje. The funding was facilitated through a joint venture agreement between BINL and NEFEX Holdings Limited of Canada, marking one of the largest private sector investment packages aimed at Nigeria’s downstream oil and gas sector.

In a weekend statement, Wale Adekola, Vice President of Corporate Services at BINL, said the agreement has led to the establishment of Sunshine Joint Venture Infrastructure Limited. This entity will act as the execution platform for the refinery and industrial corridor, signaling a major step toward boosting local industrialisation, energy production, and economic growth in Ondo State.

The project is expected to significantly enhance Nigeria’s refining capacity and create employment opportunities, positioning Ondo State as a key player in the nation’s energy and industrial sectors.