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BUSINESS

Ondo to Host $15b Refinery, Free Trade Zone

July 9, 2025 • 2 min read

July 09, 2025

By Ayinde Adeleke

A new era of economic development is dawning in Ondo State with the announcement of a $15 billion refinery and Free Trade Zone project.

Backbone Infrastructure Nigeria Limited (BINL) has concluded plans to construct and operate a 500,000 barrel per day (BPD) refinery at the Sunshine Industrial Park in Ogboti, Eruuna, and establish a Sunshine Free Trade Zone (FTZ) in the Ilaje Local Government Area.Ondo to host $15b refinery, free trade zone

The project is a joint venture with the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA).

According to BINL, the refinery will be built in phases, with the first phase expected to be completed within 48 months.

The company is exploring partnership opportunities with the Nigerian National Petroleum Corporation Limited (NNPCL) to facilitate the delivery of this ultra-modern crude oil refinery.

BINL’s Vice President for Corporate Services, Mr. Wale Adekola, said the refinery will provide petroleum products for local consumption, feedstock for other local industries, and petroleum products for the international market.

The project includes the construction of roads, storage tanks, loading bays, terminals, and handling equipment.

The Free Trade Zone project will involve the development of infrastructure and facilities for effective operation and management.

The development framework includes a comprehensive governance structure, strict compliance with international standards and relevant laws, and community development initiatives.

The project is expected to contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue, and stimulating economic development.

At the state and local levels, the project will create local jobs, stimulate the local economy, and provide opportunities for community development.

BINL has scheduled a courtesy visit to the Executive Governor of Ondo State, Hon. Lucky Aiyedatiwa, on July 14, 2025, and will formally execute memoranda of understanding with the Ondo State Government on July 15, 2025, to kick off the project.

The company’s Corporate Social Responsibility (CSR) strategy includes community engagement programs, education initiatives, local employment quotas, and infrastructure development for surrounding communities.