The Ondo State government is about to sign an agreement with Backbone Infrastructure Nigeria Limited to set up a new oil refinery in the state.

The refinery, which will have the capacity to process 500 barrels of oil per day, is part of a larger development plan that includes a free trade zone and other infrastructure projects.

Governor Lucky Aiyedatiwa said the investment comes at the right time and promised full support from his administration. He added that the project will boost the local economy, create jobs, and help reduce crime.

He also mentioned that the state is working on a deep seaport project and has attracted interest from international partners, including investors from China.

Backbone Infrastructure’s board member, Stephen Dike, said the company chose Ondo State because of the strong leadership and support they’ve received so far. He described the state as the ideal place for their first major project in Nigeria.

The firm’s managing director, Henry Owonka, said they’ve been working closely with the state’s investment agency, ONDIPA, and are now ready to move forward once the deal is signed.

Several top government officials were present during the meeting, showing the administration’s commitment to the partnership.

Once completed, the refinery is expected to drive development and open new opportunities for residents and businesses in the state.