Nigeria is set to further reshape Africa’s refining landscape as an international energy consortium has secured over $50 billion to build a 500,000-barrel-per-day refinery and free trade zone in Ondo State. The project, led by Backbone Infrastructure Nigeria Limited in partnership with Canada’s NEFEX Holdings, will become Africa’s second-largest refinery, surpassing Algeria’s Skikda and sitting just behind the Dangote Refinery.
Officials say the investment will create thousands of jobs, attract major logistics and storage opportunities, and strengthen Nigeria’s position as the continent’s energy hub. Together, the Ondo and Dangote refineries will be able to process more than 1.1 million barrels per day, signaling a shift toward energy self-sufficiency across Africa and reducing dependence on imported fuel.
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The financing is designed to cushion energy costs while supporting Botswana’s private-sector and jobs reforms.