Backbone Infrastructure Limited (BINL) has obtained over $50 billion in funding commitments for the construction of a 500,000 barrels-per-day refinery and the Sunshine Free Trade Zone in Ilaje, Ondo State.
The financing comes through a joint venture between BINL and Canada-based NEFEX Holdings Limited, in what has been described as one of Nigeria’s biggest private-sector investments in the downstream oil and gas sector.
According to a statement from the company, the deal builds on a Memorandum of Understanding signed in July with the Ondo State Government through the Ondo State Investment Promotion Agency. The project aims to position Ondo as a major refining and export hub within the Niger Delta region.
A BINL delegation led by its Chairman and former Senate President, Ken Nnamani, is expected to visit Akure for meetings with state officials, site inspections, and consultations with community leaders, including a courtesy visit to the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.
BINL’s Vice President for Corporate Services, Wale Adekola, explained that the collaboration with NEFEX Petroline — a global energy and infrastructure company with operations across North America, Europe, and the Middle East — will accelerate the project’s technical and financial groundwork.
He noted that NEFEX Petroline’s network of international partners and financial institutions will ensure access to multi-currency funding and credit facilities required for the large-scale development.
The refinery is expected to significantly reduce Nigeria’s dependence on imported fuel, generate thousands of jobs, and boost export earnings through refined petroleum products. It will feature storage facilities, loading bays, terminals, and a robust road network.
The adjoining 1,471-hectare Sunshine Free Trade Zone will include industrial clusters, logistics centers, and residential developments, positioning Ondo State as an emerging industrial hub in Southwest Nigeria.
BINL said it will prioritize education, skills development, and infrastructure in its host communities as part of its social investment agenda.
Adekola commended Governor Lucky Aiyedatiwa for fostering a business-friendly climate and encouraging credible investors to participate in the state’s development drive.
The project, to be executed in phases, aligns with the Federal Government’s push for increased private investment in critical infrastructure and efforts to expand the nation’s refining capacity in line with the success of the Dangote Refinery model.
