Backbone Infrastructure launches $15bn Ondo refinery, free trade zone to boost oil production, create jobs, and drive industrialisation in Ilaje, Ondo State

Backbone Infrastructure launches $15bn Ondo refinery and free trade zone in a strategic move to drive energy security and large-scale industrial development in Nigeria.

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The project, situated in Ilaje Local Government Area of Ondo State, will be delivered through a joint venture with the Ondo State Development and Investment Promotion Agency.

According to a statement released on Wednesday, the refinery will be located within the Sunshine Industrial Park in Ogboti-Eruuna and integrated into the proposed Sunshine Free Trade Zone.

Backbone Infrastructure launches $15bn Ondo refinery in phases, starting with a 100,000-barrels-per-day modular facility. Completion of the first phase is projected within 48 months.

The Vice President of Corporate Services at Backbone Infrastructure Nigeria Limited (BINL), Wale Adekola, said the refinery will supply petroleum products to domestic and foreign markets, and support industrial inputs for other sectors.

“This is a game-changing industrial project that will help reduce Nigeria’s trade deficit, conserve scarce foreign exchange, and boost government revenues,” Adekola said.

“At the state and local levels, we are confident that it will stimulate job creation and drive economic activity.”

The company disclosed that preliminary talks have begun with the Nigerian National Petroleum Company Limited to explore a partnership that would strengthen the project’s delivery and operational sustainability.

Backbone Infrastructure launches $15bn Ondo refinery with plans to develop essential support systems such as roads, terminals, storage tanks, and petroleum handling equipment.

In addition to the refinery, the Sunshine Free Trade Zone will feature infrastructure and facilities aligned with global trade and industry standards.

According to Adekola, “The initiative will be backed by a comprehensive governance framework and strict adherence to environmental and social compliance regulations.”

He noted that the company will pay a courtesy visit to Ondo State Governor Lucky Aiyedatiwa on July 14, with the official signing of Memoranda of Understanding scheduled for July 15.

Backbone Infrastructure launches $15bn Ondo refinery with strong community development components, including Corporate Social Responsibility initiatives across host communities.

“Our CSR plan focuses on education, social infrastructure, and stakeholder engagement to ensure inclusive benefits and avoid potential resistance,” Adekola added.

He stressed that the project goes beyond economic returns and aims to address structural gaps in energy, employment, and local development.

Local residents are expected to benefit from direct employment opportunities and skills training programmes that will be integrated into the refinery’s execution phases.

The initiative aligns with Nigeria’s broader strategy to increase refining capacity, reduce dependence on fuel imports, and boost subnational industrial competitiveness.

Backbone Infrastructure Nigeria Limited, with operational offices in Abuja, London, and Zug, Switzerland, is a multi-sectoral infrastructure development firm with interests in oil and gas, trade, and logistics.

The company reiterated its commitment to regulatory compliance and global project management standards throughout the refinery and free trade zone execution.

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Backbone Infrastructure launches $15bn Ondo refinery as part of a renewed effort to revitalise local economies and attract foreign investment into Nigeria’s oil and gas downstream sector.

Source: Read more at tvcnews.tv