The Ondo State government, in collaboration with its investment partners, has initiated plans to establish a 500,000 barrels-per-day (bpd) refinery and a free trade zone through the creation of Sunshine Joint Venture Infrastructure Limited.

The joint venture will bring together Backbone Infrastructure Limited (BINL), NEFEX Petro Line Limited, Cooldeal Limited, and the Ondo State Government, represented by the Ondo State Investment Promotion Agency (ONDIPA), to execute the refinery and free trade zone projects.

According to BINL’s Vice President of Corporate Services, Barrister Wale Adekola, the consortium, supported by consultants including China Harbour, China Engineering, and Honeywell UOP, recently visited project sites in the Ilaje area to engage key stakeholders and assess progress.

Before visiting the sites, the team paid a courtesy call to His Royal Majesty, the Olugbo of Ugbo Kingdom, Oba Frederick Obateru Akinruntan, who pledged full support from the kingdom and assured the protection of all personnel and assets involved in the projects.

The team, led by former Senate President and BINL Chairman Ken Nnamani, also met with Ondo State Governor Lucky Aiyedatiwa, who lauded the joint venture for choosing Ondo as its investment destination. He emphasized that the project will drive industrial growth in the state and across Nigeria and assured stakeholders of a conducive business environment.

The joint venture and ONDIPA reaffirmed their commitment to not only executing the projects successfully but also delivering social benefits to the communities, including hospitals, schools, potable water, and residential amenities.

The proposed Sunshine Free Trade Zone will cover 1,471 hectares in Ilaje, underscoring Ondo State’s ambition to become a key hub for industrial and economic development in the region.