Backbone Infrastructure Nigeria Limited (BINL) is teaming up with the Ondo State Government to develop a $15 billion oil refinery and establish a new Free Trade Zone in Ilaje Local Government Area.

The initiative, set to be located within the Sunshine Industrial Park in Ogboti-Eruuna, will include a refinery with a planned capacity of 500,000 barrels per day, rolled out in stages. Construction will begin with a 100,000BPD modular facility expected to be completed in four years.

The state government will be represented through the Ondo State Development and Investment Promotion Agency. Discussions are also underway with the Nigerian National Petroleum Company Limited to potentially support the project.

Wale Adekola, BINL’s Vice President of Corporate Services, said the refinery is designed to supply refined fuel for Nigeria’s local market, provide inputs for local industries, and serve international buyers. He emphasized the project’s potential to cut Nigeria’s trade imbalance, save foreign currency, and boost revenue.

In addition to the refinery, the development will include essential infrastructure such as roads, storage facilities, loading terminals, and handling systems. The Free Trade Zone is expected to support manufacturing and commercial operations aligned with international standards.

Adekola confirmed the company’s plans to visit Governor Lucky Aiyedatiwa on July 14, ahead of signing formal agreements the next day. He added that the project would also include a strong Corporate Social Responsibility plan, prioritizing community development, education, and local hiring.

BINL, which operates out of Abuja, London, and Zug in Switzerland, says it will ensure full compliance with environmental and social regulations throughout the project lifecycle.