President and Chief Executive Officer of the Dangote Group, Aliko Dangote, has announced plans to revive and transform the Olokola Free Trade Zone (OKFTZ) in Ondo State into the largest industrial free trade zone in Nigeria.
Dangote made the announcement on Monday during a courtesy visit to Lucky Aiyedatiwa in Akure, where he revealed that the conglomerate was returning to the Olokola project after previous attempts to establish major investments in the area were unsuccessful.
According to him, the proposed industrial hub will provide critical infrastructure, including dedicated power generation, to attract both local and international 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 will generate power and provide the infrastructure, allowing investors to focus solely on their operations,” Dangote said.
He explained that the project is designed to drive industrialisation, create employment opportunities and stimulate economic growth in Ondo State and the wider South-West region.
Dangote noted that inadequate electricity supply remains one of the biggest challenges facing industries in Nigeria, adding that the planned free trade zone would address this through reliable power infrastructure.
He further stated that the development would attract businesses across various sectors and position Ondo State as a major industrial destination, while complementing existing free trade zones in Lagos and promoting balanced economic development across the country.
The business magnate disclosed that contractors would be mobilised to the project site before the end of 2026, with physical construction expected to commence within the next three to four months.
He also urged the Ondo State Government to nominate a representative to the board of the free trade zone to facilitate smooth and speedy implementation of the project.
In his response, Governor Aiyedatiwa welcomed the renewed investment commitment, describing it as a significant milestone for the state’s economic development.
The governor assured Dangote Group of the state government’s full support, saying Ondo was ready to collaborate closely to ensure the successful execution of the project.
He highlighted the state’s strategic advantages, including its location, the ongoing Lagos-Calabar Coastal Highway project and the state’s deep seaport licence, which he said positioned the Olokola corridor to become a leading industrial hub.
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“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,” Aiyedatiwa said.
The governor disclosed that a technical committee had already been established to work with Dangote Group on community relations, legal matters, land acquisition and stakeholder engagement.
He also invited the company to explore investment opportunities in the state’s limestone deposits for potential cement production.
Aiyedatiwa expressed confidence that the revival of the Olokola Free Trade Zone would accelerate industrialisation, generate jobs and significantly boost the state’s internally generated revenue.
