A new company, Sunshine Joint Venture Infrastructure Limited, has been incorporated to advance Ondo State’s significant 500,000 bpd refinery and Free Trade Zone projects. This development, announced by spokesperson Wale Adekola, signifies the strong commitment of funding partners and the Ondo State Government.
The initiative follows Backbone Infrastructure Nigeria Limited securing over $50 billion for the projects through a joint venture with NEFEX Holdings Limited of Canada. Officials recently met in Dubai to finalize funding and plan preliminary on-site activities and community engagement.