Ondo State is set for major economic transformation following the signing of a Memorandum of Understanding (MoU) with Backbone Infrastructure Nigeria Limited (BINL) to establish a 500,000 barrels-per-day (bpd) oil refinery and develop the Sunshine Free Trade Zone.
The agreement, signed in Akure, marks a significant step toward industrial growth in the state. The refinery and free trade zone will be located at the Sunshine Industrial Park in Ogboti/Erunna, Ilaje Local Government Area.
Secretary to the State Government, Dr. Taiwo Fasoranti, described the deal as a game-changer that will create jobs, reduce crime, and attract investment. He praised Governor Lucky Aiyedatiwa's vision and assured BINL of the state's full support, urging the investors to prioritize environmental sustainability and strong community relations.
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BINL's CEO, Mr. Henry Onwonka, reaffirmed the company's commitment to Ondo State's development goals. "This partnership reflects our dedication to supporting the state's economy through strategic investments," he said.
The MoU followed a series of legal and administrative reviews, according to ONDIPA's Emmanuel Omomowo.
Dignitaries at the signing included senior officials from both the state and BINL. The project is expected to significantly boost Ondo State's socio-economic development.
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