President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to developing a large-scale industrial and free trade zone in Olokola, located in Ilaje Local Government Area of Ondo State, signaling a significant boost to Nigeria’s industrialization and economic development efforts.
The renewed investment plan was unveiled during Dangote’s visit to Governor Lucky Aiyedatiwa in Akure, where both leaders discussed strategies to transform the coastal region into one of the country’s most important industrial and manufacturing centers.
According to Dangote, the proposed Olokola development is designed to become far more than a traditional free trade zone. The project will serve as a fully integrated industrial ecosystem equipped with reliable electricity, water supply, transportation networks, and other essential infrastructure required by modern industries.
He explained that the goal is to create a business-friendly environment where local and international investors can establish operations without facing the infrastructure challenges that have historically slowed industrial growth in Nigeria.
“We want to create the biggest free trade zone where investors can simply come and plug into existing infrastructure. We will provide power, utilities, and the necessary support systems that will eliminate many of the bottlenecks associated with doing business,” Dangote said.
A major component of the project will be dedicated power generation capacity, which Dangote described as essential for driving industrial productivity. He noted that unreliable electricity remains one of the biggest obstacles facing manufacturers in Nigeria, forcing many companies to rely heavily on expensive self-generated power.
For more than three decades, the country’s industrial sector has struggled with power shortages, a challenge Dangote believes can be addressed through integrated industrial developments that provide reliable energy directly to businesses operating within the zone.
Beyond electricity generation, the proposed industrial hub will also incorporate extensive gas infrastructure. Dangote revealed plans to connect the project through an east-west gas corridor that will supply energy-intensive industries and support long-term manufacturing growth.
The renewed focus on the Olokola project is expected to attract investments across multiple sectors, including cement production, manufacturing, petrochemicals, logistics, and other industrial activities that require stable infrastructure and energy supply.
Governor Lucky Aiyedatiwa welcomed the investment initiative, describing it as a transformative opportunity for Ondo State and a major step toward achieving the state’s industrialization ambitions.
According to the governor, the project aligns with his administration’s vision of positioning Ondo as a leading industrial and economic destination in southwestern Nigeria. He highlighted the state’s strategic location along the Lagos-Calabar Coastal Highway corridor, which is expected to improve connectivity and facilitate trade.
Aiyedatiwa also pointed to Ondo State’s deep seaport license as a major competitive advantage, noting that the facility would be capable of accommodating large cargo vessels and enhancing export and import activities for businesses operating within the proposed industrial zone.
The governor further disclosed that geological assessments have confirmed the suitability of the state’s limestone deposits for industrial applications, creating opportunities for expanded cement production and other related industries.
To accelerate implementation, the state government has established a technical committee that will work closely with the Dangote Group on critical issues, including land acquisition, legal frameworks, host community engagement, and operational planning. The state also plans to nominate a representative to serve on the project’s board to ensure effective collaboration and oversight.
Aiyedatiwa assured investors of the government’s full support, emphasizing that the state remains committed to creating a favorable environment for business growth while ensuring that host communities benefit from the development.
If successfully executed, the Olokola Industrial and Free Trade Zone could become one of the largest industrial investment destinations in West Africa, creating thousands of jobs, attracting billions of naira in investment, boosting exports, and strengthening Nigeria’s manufacturing capacity.
The project also reflects growing efforts by private-sector leaders to address infrastructure challenges through innovative investment models capable of unlocking new economic opportunities and driving sustainable industrial growth across the country.
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