Ondo Govt, Firm To Sign MoU On 500-BPD Oil Refinery

The Governor of Ondo State, Hon Lucky Aiyedatiwa, has said that his administration will fully support genuine investors whose projects align with the state’s development goals.

He made this known while receiving the leaders of Backbone Infrastructure Nigeria Limited, who are proposing a refinery, a free trade zone, and other critical infrastructure projects in the state.

The state government and the company are expected to sign a Memorandum of Understanding (MoU) on the project later this week.

Aiyedatiwa described the proposed investments as timely and strategic, assuring the group of a peaceful, business-friendly environment. He said the projects would boost the state’s economy, 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.

“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”, he said.

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 a license has already been secured for a deep seaport and that the government is in talks with international partners, including Chinese investors.

Earlier, a company board member, Mr. Stephen Dike, expressed the team’s strong confidence in the leadership and vision of the Aiyedatiwa-led administration. He emphasised that their decision to begin operations in Ondo State was based on the clarity of purpose and support they had received.

He said, “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 have matched the motivation and leadership alignment we found here.”