Nigeria is ramping up efforts to boost local oil refining with a $15 billion, 500,000 bpd refinery project led by Backbone Infrastructure Nigeria Ltd (BINL) in partnership with Ondo State. Sited in the Sunshine Industrial Park and Free Trade Zone, the refinery will be built in phases, with the first phase set for completion in four years. This ambitious move aims to further reduce fuel imports, conserve foreign exchange, and position Nigeria as a regional refining powerhouse. Coming amid underperformance from state-owned refineries and feedstock issues, the project will complement the Dangote Refinery. If successful, BINL’s refinery could transform Nigeria’s refining landscape and spark job creation, export growth, and broader industrial development.
Business Insider Africa
