Backbone Infrastructure, Says $50bn Secured for Refinery, Free Trade Zone Development in Ondo

BY favour momodu
November 4, 2025
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Backbone Infrastructure Nigeria Limited (BINL) has announced that it has secured over $50 billion in funding for the establishment of a 500,000-barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in Ondo State.

In a statement issued on Monday, the company said the funding marks a major milestone in its partnership with the Ondo State Government, following the signing of a Memorandum of Understanding (MoU) in July through the Ondo State Investment Promotion Agency (ONDIPA).

According to BINL, the project financing was made possible through a joint venture agreement with its Canadian partner, NEFEX Holdings Limited, and is expected to significantly boost industrialisation, job creation, and economic diversification in the state.

“We are pleased to announce that our joint venture with NEFEX Holdings Limited of Canada has successfully secured funding exceeding $50 billion for both the refinery and the Sunshine Free Trade Zone projects,” the company said.

“This investment underscores our commitment to delivering large-scale infrastructure that will transform Ondo State into an industrial and energy hub.”

The firm noted that the refinery project, designed with a daily processing capacity of 500,000 barrels of crude oil, will not only enhance Nigeria’s local refining capacity but also reduce dependence on imported petroleum products.

Meanwhile, the Sunshine Free Trade Zone spanning over 1,471 hectares is expected to attract both local and foreign investors through incentives and world-class infrastructure, including logistics, energy, and port facilities.

The Ondo State Government has described the development as a major leap for the state’s industrial agenda, reaffirming its commitment to providing a conducive environment for investors.

The projects are expected to generate thousands of direct and indirect jobs, improve internally generated revenue, and strengthen Ondo’s position as a key contributor to Nigeria’s non-oil economy.