Aliko Dangote, president of Dangote Group, has announced plans to develop a large-scale industrial and free trade zone in Olokola, Ondo state, to attract manufacturers and reduce infrastructure constraints for investors.
Dangote announced the plan on Monday, June 15, during a courtesy visit to Lucky Aiyedatiwa, governor of Ondo, in Akure.
He said the proposed Olokola project would go beyond a conventional free trade zone, noting that it would be fully equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.
“We want to create the biggest free trade zone where investors can just come and plug in. We will generate power, provide infrastructure and remove the bottlenecks around doing business,” Dangote said.
Dangote said the initiative is designed to address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years.
According to the billionaire, the absence of reliable power had slowed industrial expansion across the country.
He added that the new model would integrate a dedicated energy supply into the industrial zone.
The businessman also disclosed plans to integrate gas infrastructure through an east-west gas corridor to support energy-intensive industries within the zone.
Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.
“Contractors are expected to mobilize to the site within three to four months, with full construction scheduled to commence in the last quarter of the year,” he said.
The billionaire also indicated that the project structure would include government participation, requesting the nomination of a state representative to the board of the industrial zone to facilitate coordination and execution.
He said the initiative would stimulate large-scale job creation and industrial expansion across Ondo state and surrounding regions, noting that similar projects in Lagos had delivered significant employment and export revenues.
In his remarks, Aiyedatiwa welcomed Dangote’s renewed investment drive, describing it as a major milestone in Ondo state’s industrialization agenda.
Aiyedatiwa said a technical committee has been established to engage with Dangote group on legal, land, community and operational frameworks, while confirming readiness to nominate a state representative to the project board.
He said the project aligns with his administration’s efforts to position the state as a leading industrial destination in the south-west, noting its strategic location along the Lagos-Calabar coastal highway corridor.
The governor also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.
Aiyedatiwa also said the limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.
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