The Ondo State Government is set to sign a Memorandum of Understanding (MoU) on the construction of a 500,000-barrel per day (BPD) oil refinery.
Lucky Aiyedatiwa, the Governor of Ondo State, in a statement by Ebenezer Adeniyan, his Chief Press Secretary, said his administration will give its full backing to genuine investors whose projects align with the state’s development goals.
Aiyedatiwa made this known on Monday, July 14, 2025, while receiving the leaders of Backbone Infrastructure Nigeria Limited, who are proposing a refinery, a free trade zone, and other critical infrastructure projects in Ondo State.
According to Adeniyan, the Ondo State government and the company are expected to sign an MoU on the project later this week.
He stated that Aiyedatiwa described the proposed investments as timely and strategic, assuring the group of a peaceful, business-friendly environment.
The governor said the projects would not only boost the state’s economy but also create meaningful job opportunities and reduce crime.
“This is real for me. Once construction begins, the economic landscape will change. Businesses will spring up, and our people will have better livelihoods,” Aiyedatiwa said.
“You can count on us; we were elected to support growth. What you’re bringing, especially the refinery and other projects, will change the face of this state. You’ve seen the potential in Ondo, and we will give you all the support you need.”
The governor also praised the collaboration between the investors and the Ondo State Development and Investment Promotion Agency (ONDIPA), saying he had been receiving encouraging updates and was confident of the project’s success.
He further noted that the initiative would contribute to national development, saying “This is not just for Ondo. It will benefit the entire country. The refinery will serve Nigeria with its products.”
Highlighting Ondo’s untapped resources, including bitumen deposits and the state’s long coastline, the Governor revealed that license has already been secured for a deep seaport and the government is in talks with international partners, including investors from China.
Earlier, Stephen Dike, a board member of the company, expressed the team’s strong confidence in the leadership and vision of the Aiyedatiwa-led administration.
Dike emphasized that their decision to begin their operations in Ondo State was based on the clarity of purpose and support they had received.
“Our partnership with Ondo State is very important to us. This is the foundation of our entry into Nigeria. We’ve had other invitations, but none has matched the motivation and leadership alignment we found here,” he said.
Also speaking, Henry Owonka, the Managing Director of Backbone Infrastructure Nigeria Limited, reiterated the company’s readiness to begin the implementation of the project.
“Since our last meeting, we’ve worked closely with ONDIPA to develop a working framework. Your team has been outstanding. We are now prepared to sign an MOU and begin work,” Owonka said.
Top government functionaries present at the meeting included Olayide Adelami, the Ondo State Deputy Governor; Taiwo Fasoranti, Secretary to the State Government; Segun Omojuwa, Chief of Staff to the Governor; Bayo Philip, Head of Service, among others.
