Firm Secures $50bn for Ondo Refinery, Free Trade Zone Project
Omoyeni Olabode
Backbone Infrastructure Ltd (BINL) has secured over $50 billion in funding for a 500,000 barrels-per-day refinery and the Sunshine Free Trade Zone in Ilaje, Ondo State.
The funding, facilitated through a joint venture with Canada’s NEFEX Holdings Ltd, follows a Memorandum of Understanding signed with the Ondo State Government in July.
According to BINL Chairman, Senator Ken Nnamani, the project aims to make Ondo a key refining and export hub in the Niger Delta corridor.
The refinery and trade zone are expected to create thousands of jobs, reduce fuel imports, and attract foreign investment.
BINL’s Vice President, Wale Adekola, said the partnership with NEFEX Petroline will accelerate technical groundwork and construction, with a focus on sustainable development and community engagement.
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