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Nigeria Secures $50 Billion Investment For Africa’s Second-Largest Oil Refinery In Ondo State

Nigeria’s energy sector is set for another historic leap as an international energy consortium has sealed a $50 billion investment deal to establish Africa’s second-largest oil refinery in Ondo State.

The mega project, with a refining capacity of 500,000 barrels per day, will further cement Nigeria’s dominance in the continent’s oil refining landscape. The initiative is spearheaded by Backbone Infrastructure Nigeria Limited in partnership with NEFEX Holdings Limited, marking one of the largest private-sector investments in West Africa’s energy industry.

According to the promoters, the refinery is designed to complement the Dangote Refinery, enhancing domestic refining capacity, reducing fuel import dependency, and creating thousands of direct and indirect jobs across the value chain.

Energy analysts have hailed the development as a transformative milestone that positions Nigeria as a regional energy hub capable of meeting both domestic and continental demand for refined petroleum products.

The project also underscores growing investor confidence in Nigeria’s energy sector reforms and its strategic push toward industrial self-sufficiency and economic diversification.

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