Canadian Firm and Backbone Infrastructure Secure $50bn for Nigerian Refinery Project

Backbone Infrastructure Limited and Canadian firm Nefex Holdings Limited have secured $50 billion funding to construct a 500,000 barrels per day refinery in Ondo State, Nigeria. The project, located in the Sunshine Free Trade Zone, is a significant investment in Nigeria's history.

The partnership aims to bring global technical expertise and financial experience to Nigeria's energy sector. Once operational, the refinery will support domestic consumption, industrial use, and export markets, enhancing Nigeria's energy security and reducing fuel imports.

The project involves engagements with local communities and government officials to ensure successful implementation.