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Energy consortium secures $50 billion to build Africa’s second-largest refinery in Nigeria.

An international energy consortium has secured a $50 billion investment to develop what is set to become Africa’s second-largest oil refinery in Ondo State, Nigeria, significantly strengthening the continent’s refining capacity.

• An international energy consortium has secured a $50 billion investment to develop Africa's second-largest oil refinery in Ondo State, Nigeria.

• The refinery, with a capacity of 500,000 barrels per day, aims to bolster Nigeria's dominance in the continent's oil refining landscape.

• Led by Backbone Infrastructure Nigeria Limited and NEFEX Holdings Limited, the project represents significant private-sector energy investment in West Africa.

• The refinery complements Nigeria's existing Dangote Refinery and will contribute to a transformative milestone in Africa’s refining capacity.

Nigeria is set to consolidate its dominance in Africa’s oil refining landscape as an international energy consortium secured over $50 billion for the construction of a 500,000-barrel-per-day refinery and a 1,471-hectare free trade zone in Ondo State.

Before this project, Algeria’s Skikda Refinery, with a capacity of about 356,500 barrels per day, held the title of Africa’s second-largest refinery. Once the Ondo refinery becomes operational, it will dethrone Skikda to take that position, making Nigeria home to both the largest and second-largest refining facilities on the continent.

The mega project, spearheaded by Backbone Infrastructure Nigeria Limited (BINL) in partnership with NEFEX Holdings Limited of Canada, represents one of the largest private-sector energy investments in West Africa and is poised to become Africa’s second-largest refinery after the 650,000-barrel-per-day Dangote Refinery in Lagos.

A new phase in Africa’s refining story

According to a statement issued by the firm, the funding followed the execution of a memorandum of understanding (MoU) between BINL and the Ondo State government through the Ondo State Investment Promotion Agency (ONDIPA).

BINL chairman Ken Nnamani led the firm’s leadership team on a courtesy visit to Governor Lucky Aiyedatiwa, where discussions centered on the project’s potential to create thousands of jobs and attract complementary investments in logistics, storage, and distribution.

BINL’s vice president for corporate services, Wale Adekola, explained that NEFEX Petroline, the project’s partner, brings extensive expertise from operations spanning the Middle East, Europe, and North America.

“NEFEX Petroline combines the advantages of a global network with deep local understanding,” Adekola said, emphasizing the venture’s long-term developmental impact.

Complementing Dangote and transforming Africa’s fuel market.

The refinery is designed to supply refined petroleum products locally and across Africa, complementing Dangote’s existing capacity and strengthening Nigeria’s foothold as the continent’s energy hub.

Together, these two mega refineries could process more than 1.1 million barrels of crude per day, marking a transformative milestone for a continent that has long struggled with limited refining capacity and a heavy reliance on imported fuels.

This figure is projected to rise to nearly 2 million barrels per day once Dangote completes its planned expansion, which will boost the refinery’s capacity from 650,000 to 1.4 million barrels per day. This would cement Nigeria’s status as a global refining powerhouse and a central force in Africa’s energy transformation.

For decades, African countries have exported crude oil while importing petrol, diesel, and aviation fuel at premium costs, a paradox that has drained foreign reserves and exposed economies to global price shocks. Projects like Dangote’s and BINL’s mark a strategic reversal of this pattern.

By boosting local refining output, Africa is gradually moving toward energy self-sufficiency, aiming to supply its own markets and export refined products across the continent.

Source: https://africa.businessinsider.com/local/markets/energy-consortium-secures-dollar50-billion-to-build-africas-second-largest-refinery/qfb6hed

Finally ondo in the news for great reasons!! I believe that under the radar, This country is metamorphosing to greatness


FTC

The timing of this refinery is no coincidence. After years of inaction, it only became a priority once a private competitor (Dangote) emerged, exposing the government's failure to act in the public's interest.

God will heal Nigeria

I really hope it is not embezzled

Good one for Nigeria again. If this come to play then Dangote won't monopolise our economy.

Very impressive development.

See them up there saying nonsense instead of taking time to read through... It is a private company and not Nigeria government.. if Dangote can do it, others too can

Let's wait for the bitter people of Nigeria to call this a propaganda as usual

This is a good one and when this comes to fruition it gives a run to Dangotes refinery!

Enemy of Nigeria, over to you to wail.

Guess what again, it's in South West which is the most industrious and most productive zone in Nigeria.

ponlear:
The timing of this refinery is no coincidence. After years of inaction, it only became a priority once a private competitor (Dangote) emerged, exposing the government's failure to act in the public's interest.

God will heal Nigeria

Explain to us how sad you are right now reading this

If you are proudly from Ondo state, let's gather here.

Hit like

Backbone international Nigeria Limited. I looked into them and all I can say is hmmm.

Na this kin thing dey vex the West. But God pass them

At least nobody will shout monopoly anymore...

By the way the s/s should look inwards why their region is boycotted in favor for the s/w because ordinarily these projects ought to be sited in that region.

At least it should be given first priority!

Naija win win everywhere the wailer should continue spoiling the image of the country while faithful one remained focus.

Hahaaaaaaaaa. Owo wo gbo oooooo

why is this far more expensive than dangote refinery.

Obaofaba:
Enemy of Nigeria, over to you to wail.

Guess what again, it's in South West which is the most industrious and most productive zone in Nigeria.

We hope you utilise this opportunity now to finally go get a job and become very useful instead of wasting time with this petty tribalism that makes no sense

princeade86:
Hahaaaaaaaaa. Owo wo gbo oooooo

Omo Aladesanwa,omo orimisan.

AJSfan:
See them up there saying nonsense instead of taking time to read through... It is a private company and not Nigeria government.. if Dangote can do it, others too can

Why do you have to fayght people in other to defend this government?

helinues:
Explain to us how sad you are right now reading this

Thifnubu people.. (always bias and praising mediocrity) i sight you

Without new discoveries Nigeria will not have the feedstock to service this refinery except we are prepared to wind down export contracts and exit OPEC which should be the long term strategic plan just like Indonesia did many years ago.

Or except this refinery is targeting to produce fuels of other specifications by buying other types of crude from other producing countries.

Nigeria is working. Hopefully it will materialise

They have started again. See one of the companies that will lead $50 billion Africa’s second-largest refinery in Nigeria. Newly registered 9 Months ago.

Investors are running away from Nigeria according to Obis Supporters! Not surprised no investments is going to SE. He who whishes evil for others shall himself reap evil. Be it unto you according to you confession! Kudo to Ondo people. Tinubus time will favour me and my family.

Great100000:
Source: https://africa.businessinsider.com/local/markets/energy-consortium-secures-dollar50-billion-to-build-africas-second-largest-refinery/qfb6hed

BEAUTIFUL 😍!
NIGERIA WILL RISE AND There IS NOTHING THE SO CALLED FOREIGN POWERS CAN DO ABOUT IT,
For they were preventing the Russian Rise,
They were also Preventing the China Rise - Until the Chinese Stole Most of their Secrets through Education - when Chinese Sent their Agents - As Students to the Western Countries!
•Nigeria - by Dangote Refinery and Other Refineries Coming Uplike this- Will Surely Rise .
•Let The Nigerian Govt Fix - Light 🚨 🕯️ - Regularly,
•Destroy Corruption - like the Chinese are doing,where even Multi- Millionaires and Billionaires Are Jailed and Executed!
• Employ Youths and Embark on INDUSTRIAL REVOLUTION!
The Sky Is The Limit!

Why are some people crying?

God can't heal Nigeria Bro.
We have to hold our leaders accountable.
Countries wey Noor dey worship our God dey thrive.
#Food for thought

ponlear:
The timing of this refinery is no coincidence. After years of inaction, it only became a priority once a private competitor (Dangote) emerged, exposing the government's failure to act in the public's interest.

God will heal Nigeria

Obaofaba:
Enemy of Nigeria, over to you to wail.
Guess what again, it's in South West which is the most industrious and most productive zone in Nigeria.

See how shallow minded you are. To you people everything must be seen from a tribal perspective.
Did you not even see the chairman of the organisation as someone from another region?
The damage you people have brought to the unity and coexistence of this country since Tinubu became president is on a lager scale and would take decades if not centuries to reverse.