Backbone Infrastructure Nigeria Limited (BINL), in collaboration with the Ondo State Government through the Ondo State Development and Investment Promotion Agency (ONDIPA), has revealed a pioneering initiative to build a colossal 500,000 barrels-per-day oil refinery at the Sunshine Industrial Park in Ogboti–Eruuna, Ilaje LGA. The overall project commitment stands at a substantial $15 billion .
The ambitious plan includes the installment of an ultra-modern facility designed for large-scale petroleum production, alongside a fully integrated Free Trade Zone (FTZ). This zone, termed the Sunshine FTZ, will encompass vital infrastructure such as roads, storage tanks, loading bays, terminals, and associated handling equipment to ensure seamless operation .
The project’s first phase, envisioned as a modular 100,000 bpd refinery, is expected to be completed within 48 months from the start date. BINL is actively in discussions with the Nigerian National Petroleum Company Limited (NNPC Ltd.) to foster strategic partnerships aimed at ensuring delivery of this world-class facility .
Speaking on the impact, BINL’s Vice President of Corporate Services, Wale Adekola, emphasised that the refinery will not only supply petroleum products for domestic usage but also serve local industries as a feedstock source while enabling export opportunities on the global stage .
In parallel, BINL will formally execute a memorandum of understanding (MoU) with ONDIPA following a courtesy visit to Governor Lucky Aiyedatiwa. This marks a significant milestone in the official launch of the refinery and FTZ venture .
Beyond its economic benefits, the project is expected to have wide-reaching developmental effects. It promises to create thousands of direct and indirect jobs, enhance infrastructure in host communities, reduce fuel import dependency, conserve foreign exchange reserves, and boost government revenues. Environmental compliance and local social programs—like education initiatives and community infrastructure—are also integral elements of the project’s corporate social responsibility agenda .
This BINL–Ondo collaboration signals a transformative moment for Nigeria’s petroleum downstream sector, setting the stage for decentralized industrial growth and a stronger position in the global oil market.
