Dangote to revive Olokola Free Trade Zone in Ondo

The President and Chief Executive Officer of Dangote Group, Aliko Dangote, says the Olokola Free Trade Zone, OKFTZ, in Ondo State will be developed into the biggest industrial and free trade zone in Nigeria.

Dangote made this known on Monday during a courtesy visit to Gov. Lucky Aiyedatiwa in Akure.

The businessman announced that the company was returning to the Olokola project after earlier efforts to establish major investments in the area failed for various reasons.

He said the proposed industrial zone would provide critical infrastructure, including power generation, to attract 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.

“We don’t want investors to be bothered about power. We will generate power and provide the infrastructure. Investors will only need to come and plug in and commence operations,” he said.

Dangote also said the project was designed to stimulate industrialisation, create jobs and boost economic growth in Ondo State and the South-West region.

He explained that industries in Nigeria continued to face challenges due to inadequate power supply, while the proposed zone would address such constraints through dedicated power generation facilities.

The business mogul said the development would attract industries across various sectors and position Ondo as a major industrial destination.

According to him, the project will complement existing free trade zones in Lagos and help spread economic growth beyond the commercial capital.

“Contractors will be mobilised to the site before the end of 2026, while physical work will commence within the next three to four months.

“The Ondo State Government should nominate its representative to the board of the free trade zone to facilitate speedy implementation of the project,” he said.

Responding, Governor Lucky Aiyedatiwa of Ondo State welcomed the renewed investment interest in Olokola Free Trade Zone, describing it as a major breakthrough for the state.

The governor said the state government was fully prepared to collaborate with Dangote Group to ensure the successful development of the project.

Mr Aiyedatiwa said the strategic location of Ondo State, the ongoing Lagos-Calabar Coastal Highway project, and the state’s deep seaport licence placed the Olokola corridor in a strong position to become a leading industrial hub.

“We have been waiting for this moment. This government is fully ready to work with you to ensure that Olokola is developed.

“With power generation, available land, strategic location and the proposed deep seaport, this will be a game changer for Ondo State and the entire region,” he said.

The governor disclosed that a technical committee had already been constituted to work with Dangote Group on community engagement, legal issues, land matters and stakeholder consultations.

He invited Dangote Group to explore investment opportunities in the state’s limestone deposits for possible cement production.

Mr Aiyedatiwa expressed optimism that the renewed push to develop the Olokola Free Trade Zone would accelerate industrialisation, create employment opportunities and expand the state’s revenue base.
NAN