A consortium led by Backbone Infrastructure Nigeria Limited (BINL) and NEFEX Holdings Limited of Canada has recently secured over $50 billion in funding commitments for the construction of a new 500,000 barrels-per-day (bpd) refinery and a Free Trade Zone in Ondo State, Nigeria. This is the project associated with the $50 billion figure.
Capacity: 500,000 bpd.
Location: Ilaje Local Government Area, Ondo State.
Over $50 billion has been secured in funding commitments, an amount that was expanded from an initial $30 billion to cover broader infrastructure development and community programs.
The goal is to transform the state into a major industrial hub and bolster Nigeria’s oil refining landscape, competing with other major refineries like the Dangote refinery.
This project is separate from the already operational Dangote Refinery, which is the world’s largest single-train refinery with a capacity of 650,000 bpd and an initial cost of approximately $19 billion. The Dangote refinery is also undergoing an expansion to 1.4 million bpd.
