Backbone Infrastructure Nigeria Limited has announced plans to build a $15bn refinery with a capacity of 500,000 barrels per day and establish a Free Trade Zone in Ilaje Local Government Area of Ondo State.

The mega project, billed for the Sunshine Industrial Park in Ogboti-Eruuna and the proposed Sunshine Free Trade Zone, will be delivered through a joint venture between BINL and the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency.

In a statement made available to The PUNCH on Wednesday, the company said the project would be executed in phases, beginning with a 100,000BPD modular refinery. The first phase is expected to be completed within 48 months.

According to the firm, preliminary talks are ongoing with the Nigerian National Petroleum Company Limited to explore a potential partnership that will support the delivery of the refinery.

The Vice President of Corporate Services at BINL, Wale Adekola, said the refinery would produce refined petroleum products for local consumption, provide feedstock for domestic industries, and also serve international markets.

“This is a game-changing industrial project that will help reduce Nigeria’s trade deficit, conserve scarce foreign exchange, and boost government revenues. At the state and local levels, we are confident that it will stimulate job creation and drive economic activity,” he said.

The refinery project, he noted, would include the construction of critical supporting infrastructure such as roads, storage tanks, loading bays, terminals, and handling equipment.

The free trade zone development will involve the creation of facilities and infrastructure to support commercial and industrial operations in line with international best practices.

Adekola said the initiative would be backed by a comprehensive governance framework and compliance with all relevant environmental and social regulations.

He disclosed that BINL has scheduled a courtesy visit to the Ondo State Governor, Mr Lucky Aiyedatiwa, on July 14, ahead of the formal signing of Memoranda of Understanding between both parties on July 15.

The company said the project would prioritise Corporate Social Responsibility initiatives, including education programmes, local employment quotas, and infrastructure development in host communities.

“Beyond the economics, we are deeply committed to community development. Our CSR plan focuses on education, social infrastructure, and stakeholder engagement to ensure inclusive benefits and avoid potential resistance,” Adekola added.

BINL is a multi-sectoral infrastructure development company with operational bases in Abuja, London, and Zug, Switzerland.