In July 2025, Backbone Infrastructure Nigeria Limited (BINL)
signed a Memorandum of Understanding (MoU) with the Ondo State
Government, executed through the Ondo State Investment Promotion
Agency (ONDIPA), to develop a large-scale refinery and free trade
zone in the State. The project which is to be located in Ilaje
Local Government Area, is expected to feature modern refining
facilities, terminals, storage infrastructure, and a 1,471-hectare
"Sunshine Free Trade Zone" hosting industrial clusters
and logistics hubs.
By November 2025, BINL was reported to have secured a $50
billion funding commitment for both the construction of a 500,000
barrels-per-day refinery and the Sunshine Free Trade Zone, through
a joint venture agreement with Canadian partner, NEFEX Holdings
Limited. The funding commitment signals a significant step toward
implementation of the project, although drawdown would depend
heavily on meeting regulatory, technical, and investment
conditions. This
