Backbone Infrastructure Nigeria Limited (Binl) is spearheading a monumental refinery and free trade zone project in partnership with the Ondo State Government that could transform Nigeria’s downstream energy sector.
In July, the infrastructure development company announced plans to build a $15bn refinery which has now evolved into a $50bn mega-investment, having been formalized with the signing of an MoU in early November that cemented a public-private alliance under the Sunshine Infrastructure Joint Venture.
The project, facilitated through the Ondo State Development and Investment Promotion Agency (Ondipa), is set to deliver a world-class 500,000 b/d refinery alongside a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area.
The expanded scope not only includes the refinery but also a robust infrastructure ecosystem featuring roads, storage tanks, terminals, loading bays and advanced handling equipment.
Henry Owonka, managing director of both Binl and the Sunshine Infrastructure JV, emphasised that the project has moved from concept to execution through sustained collaboration with Ondipa.
He noted that the refinery will serve both domestic and international markets, while also delivering on corporate social responsibility through investments in education, local employment and community infrastructure.
How will this impact Nigeria’s refining sector and its energy outlook?
Nigeria’s refining sector is undergoing a seismic shift. With Binl’s $50bn refinery and free trade zone project in Ondo State, the country is poised to challenge its long-standing dependence on fuel imports and the dominance of a single mega-refiner.
Binl’s Vice President for Corporate Services, Wale Adekola, said the refinery will provide feedstock for local industries, meet Nigeria’s energy demands, and strengthen the country’s growing role as a regional export hub for petroleum products.
This 500,000 b/d facility second only to Dangote’s 650,000 bpd plant – which is now being prepped for an upgrade of up to 1.4m b/d – introduces critical competition into a market long shaped by monopolistic dynamics.
It also complements the rise of modular refineries and Bua’s upcoming 200,000 b/d refinery, signalling a more diversified and resilient refining ecosystem.
Beyond capacity, Binl’s integrated approach pairing refining with industrial infrastructure – a similar model used by Dangote in the Lekki free trade zone – positions Ondo as a key energy hub.
The Sunshine Free Trade Zone will attract downstream industries, create jobs, and stimulate local economies.
Binl’s broader infra plan for Nigeria
An emerging yet bold player in Nigeria’s development landscape, Binl is an infrastructure investment powerhouse whose operations span essentially every sector that keeps an economy moving like energy, mining, seaports, agriculture, transportation and technology.
Guided by Nigeria’s former Senate President Ken Nnamani as chairman and Henry Owanka as chief executive, Binl is launching a combined bold, game-changing $172bn infrastructure investment plan over a period of 22 years to redefine virtually how Nigeria connects, trades and thrives.
Chief in this grand vision is the “Route 1, 2, 3, and 6 Mission” – an ambitious network of infrastructure corridors built to unify the country.
These routes are designed to link underserved regions to major economic hubs, unlocking new opportunities for trade, mobility, logistics, energy and industrial expansion.
Ultimately, Binl’s multibillion-dollar investments mean more than energy security but also promise local employment, industrial growth, and a paradigm shift in Nigeria’s infrastructure landscape.