Backbone Infrastructure Nigeria Limited (BINL) has announced plans to build and operate a 500,000-barrels-per-day (bpd) oil refinery in Ondo State, marking one of the most ambitious industrial projects in Nigeria’s energy sector.
The $15 billion refinery will be sited at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ), both located in Ilaje Local Government Area. The project is being developed through a public-private partnership with the Ondo State Government, facilitated by the Ondo State Development and Investment Promotion Agency (ONDIPA).
BINL revealed the plans on Wednesday, stating that the first phase of the refinery is expected to be completed within 48 months. Talks are ongoing with the Nigerian National Petroleum Company Limited (NNPC Ltd.) to secure strategic backing for the delivery of the project.
The agreement with the Ondo State Government will be formalised through the signing of memoranda of understanding, following a courtesy visit to Governor Hon. Lucky Aiyedatiwa.
Speaking on the project, BINL’s Vice President for Corporate Services, Mr. Wale Adekola, said the refinery will help meet Nigeria’s domestic energy demands while also serving regional and global markets.
“The BINL refinery will provide petroleum products for local consumption, feedstock for domestic industries, and refined products for international export,” Adekola stated.
The refinery complex will include a wide range of supporting infrastructure such as access roads, storage tanks, terminals, loading bays, and modern handling facilities. As part of the broader Sunshine FTZ development, BINL also plans to build essential infrastructure to support smooth operations and long-term sustainability of the zone.
The project is expected to generate thousands of direct and indirect jobs, boost local content development, and position Ondo State as a major industrial and export hub in West Africa.
