Nigeria: Backbone Says It Has Secured Funding for 500,000bpd Refinery in Ondo

[Leadership] Following the successful execution of the memorandum of understanding (MoU) between Backbone Infrastructure Nigeria Ltd (BINL) and the Ondo State Government, through the Ondo State Investment Promotion Agency (ONDIPA), for the construction of a 500,000 barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in the Ilaje area of Ondo State in July, Backbone has secured project funding exceeding $50 billion for both projects through a joint venture agreement with its