New Oil Dawn in Ondo: $50 Billion Refinery Project Set to Redefine Nigeria’s Energy Fortune




New Oil Dawn in Ondo: $50 Billion Refinery Project Set to Redefine Nigeria’s Energy Fortune.


By NigerDelta Voice Reporters,

11th Nov 2025

An international energy consortium has announced a $50 billion investment to establish Africa’s second-largest oil refinery in Ondo State, Nigeria. The refinery, designed to process 500,000 barrels of crude oil per day, is expected to strengthen Nigeria’s position as a leading player in the continent’s oil refining industry.

The project is being developed through a partnership between Backbone Infrastructure Nigeria Limited and NEFEX Holdings Limited, representing one of the largest private-sector energy investments in West Africa.

According to industry experts, the Ondo refinery will complement Nigeria’s existing Dangote Refinery, significantly expanding the nation’s refining capacity and reducing dependence on imported petroleum products.

The development is projected to create thousands of direct and indirect jobs, boost local content participation, and drive economic growth across the Niger Delta region.

Once completed, the Ondo refinery will mark a major milestone in Nigeria’s ongoing efforts to modernize its energy sector and achieve self-sufficiency in petroleum refining.

New Oil Dawn in Ondo: $50 Billion Refinery Project Set to Redefine Nigeria’s Energy Fortune

By NigerDelta Voice Reporters, 11th Nov 2025.

An international energy consortium has announced a $50 billion investment to establish Africa’s second-largest oil refinery in Ondo State, Nigeria. The refinery, designed to process 500,000 barrels of crude oil per day, is expected to strengthen Nigeria’s position as a leading player in the continent’s oil refining industry.

The project is being developed through a partnership between Backbone Infrastructure Nigeria Limited and NEFEX Holdings Limited, representing one of the largest private-sector energy investments in West Africa.

According to industry experts, the Ondo refinery will complement Nigeria’s existing Dangote Refinery, significantly expanding the nation’s refining capacity and reducing dependence on imported petroleum products.

The development is projected to create thousands of direct and indirect jobs, boost local content participation, and drive economic growth across the Niger Delta region.

Once completed, the Ondo refinery will mark a major milestone in Nigeria’s ongoing efforts to modernize its energy sector and achieve self-sufficiency in petroleum refining.

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