The President and Chief Executive Officer of the Dangote Group, Alhaji Aliko Dangote, has announced plans to revive and develop the Olokola Free Trade Zone (OKFTZ) in Ondo State into what he described as Nigeria’s largest industrial free trade hub.
Dangote made the announcement on Monday during a courtesy visit to Governor Lucky Aiyedatiwa at the Government House in Akure.
He said the company had returned to the Olokola project after earlier attempts to develop major investments in the area were stalled due to various challenges.
According to him, the proposed industrial zone is designed to provide world-class infrastructure, including dedicated power generation, to attract both local and foreign investors.
“We are back. What we are trying to do is to build the biggest free trade zone, mainly focused on industries and factories,” Dangote said.
He explained that the zone would eliminate one of Nigeria’s biggest industrial bottlenecks—unstable electricity supply—by providing independent power for investors who would only need to plug into the system and commence operations.
“We don’t want investors to worry about power. We will generate electricity and provide the infrastructure. Investors will simply come in and start operating,” he added.
Dangote said the project is aimed at accelerating industrialisation, job creation, and economic growth in Ondo State and the wider South-West region.
He noted that inadequate power supply continues to hinder industrial development across Nigeria, adding that the Olokola Free Trade Zone would help address this challenge through integrated infrastructure development.
The industrialist said the project would attract multiple sectors and position Ondo State as a major industrial destination, complementing existing free trade zones in Lagos.
He disclosed that contractors are expected to be mobilised to the site before the end of 2026, with physical construction set to begin within three to four months.
Dangote also urged the Ondo State Government to appoint a representative to the board of the free trade zone to ensure smooth implementation of the project.
In response, Governor Lucky Aiyedatiwa welcomed the renewed investment drive, describing it as a significant milestone for the state’s economic development.
He assured that the state government was fully prepared to collaborate with the Dangote Group to ensure the successful execution of the project.
The governor noted that Ondo State’s strategic location, the ongoing Lagos-Calabar Coastal Highway project, and its deep seaport licence position the Olokola corridor as a future industrial powerhouse.
“We have been waiting for this moment. This government is fully ready to work with you to ensure that Olokola is developed,” Aiyedatiwa said.
He added that with reliable power supply, available land, and key infrastructure projects, the initiative would transform Ondo State into a major economic hub.
The governor also revealed that a technical committee had already been established to work with the Dangote Group on community relations, land issues, legal matters, and stakeholder engagement.
Aiyedatiwa further invited the Dangote Group to explore investment opportunities in the state’s limestone deposits for potential cement production, expressing confidence that the renewed project would boost industrial growth, employment, and internally generated revenue.
