Backbone Infrastructure Nigeria Limited (BINL) has announced that it has secured more than $50 billion in project funding for a large-scale refinery and industrial development in Ondo State.
According to the statement, the funding forms part of a joint-venture agreement with NEFEX Holdings Limited of Canada. The investment will support the construction of a 500,000-barrel-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in Ilaje, Ondo State.
Industry observers describe the initiative as one of the largest private-sector funding commitments announced in Nigeria’s oil and gas and free-zone infrastructure space, with the potential to significantly boost regional employment, energy processing capacity, and export-oriented industrial growth.
Commentary surrounding the announcement also touched on public attitudes toward foreign investment in Nigeria. Responding to skepticism in some quarters regarding international investor confidence, the stakeholder who shared the update emphasized the importance of optimism, noting that global partners continue to engage in major opportunities within the country despite political commentary abroad.
Further project details — including commencement timelines, regulatory milestones, and execution partners — are expected to be released as implementation progresses.
