BINL to Build $15bn Refinery, Free Trade Zone in Ondo

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Backbone Infrastructure Nigeria Limited (BINL) has unveiled plans to construct a $15 billion refinery and establish a free trade zone in Ondo State, Nigeria, in partnership with the state government.

The project, a joint venture with the Ondo State Government through the Ondo State Development and Investment Promotion Agency (ONDIPA), will also involve the Nigerian National Petroleum Corporation Limited (NNPCL) to ensure a steady crude oil supply.

The new refinery will have a capacity of 500,000 barrels per day (BPD) to be located at Sunshine Industrial Park, Ogboti, Erunna.

Its first phase will be 100,000 BPD refinery, costing $4 billion, with completion expected within 48 months.

Indeed, the Sunshine Free Trade Zone (FTZ) will be situated in Ilaje LGA and equipped with essential infrastructure for efficient operations.

The immediate economic benefits of the refinery include reduction of Nigeria’s trade deficit, conservation of foreign exchange reserves, boost in government revenue, job creation and local economic stimulation

BINL recently met with Ondo State Governor, Hon. Lucky Aiyedatiwa, to advance the project. Memoranda of Understanding (MoUs) will be signed on July 15, 2025, marking the official commencement.

The collaboration between BINL and the Ondo State Government is projected to drive economic growth in the state, provide opportunities for local businesses and entrepreneurs, and enhance Nigeria’s foreign exchange earnings

This initiative represents a major step toward industrial and economic transformation in Ondo State and Nigeria at large.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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