The Ondo State Government is on the verge of formalizing a major partnership with Backbone Infrastructure Nigeria Limited for the establishment of a 500-barrel-per-day oil refinery, a free trade zone, and other vital infrastructure projects in the state.
Governor Lucky Orimisan Aiyedatiwa disclosed this during a courtesy visit by the firm’s top executives on Monday, July 14, 2025, at the Government House. He assured the investors of the state’s unwavering support, provided their initiatives align with the state’s broader development agenda.
According to the Governor, a Memorandum of Understanding (MoU) between the state government and the company is expected to be signed later this week, marking a significant step towards economic transformation.
Describing the proposed investment as both timely and strategic, Governor Aiyedatiwa stated that the venture would contribute significantly to the economic growth of the state by generating employment, attracting complementary businesses, and curbing insecurity.
“This is real to me. Once construction starts, the economy will shift — new businesses will emerge and livelihoods will improve. We were elected to foster development, and this project will be a game-changer. You’ve seen what Ondo has to offer; we will give you all the support you need,” he stated.
The Governor also commended the efforts of the Ondo State Development and Investment Promotion Agency (ONDIPA) for facilitating the partnership, expressing optimism about the project's success due to the professional synergy between both parties.
He added that the refinery would not only serve Ondo State but contribute to national economic growth. “This goes beyond our state. The refinery will provide petroleum products for the country and position Ondo as a key player in Nigeria’s energy sector,” Aiyedatiwa said.
Highlighting Ondo’s natural advantages, including its coastline and vast bitumen reserves, the Governor revealed that the state had secured a license for a deep seaport and was already engaging international stakeholders, including Chinese investors, for broader development initiatives.
Speaking on behalf of the company, Mr. Stephen Dike, a board member, expressed deep confidence in the Governor’s leadership, noting that the company’s decision toun establish operations in Ondo was driven by the state's visionary approach and welcoming posture.
“Our partnership with Ondo State is foundational for our operations in Nigeria. We received other offers, but none came close to the clarity and cooperation we’ve experienced here,” Dike remarked.
Also present, the company’s Managing Director, Mr. Henry Owonka, confirmed that the firm was ready to proceed with the MoU and begin the implementation phase.
“Since our last engagement, we’ve worked extensively with ONDIPA to design a comprehensive project framework. Your team has been exceptional. We’re now set to move forward,” he said.
The meeting was attended by top state officials including the Deputy Governor, Dr. Olayide Adelami; Secretary to the State Government, Dr. Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; and Head of Service, Mr. Bayo Philip, among others.
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