…Aiyedatiwa Sets Up Committee To Fast-Track Project
Africa’s richest businessman and President of Dangote Group, Aliko Dangote, on Monday unveiled plans to establish a multi-billion dollar industrial estate in the Olokola Free Trade Zone (FTZ) in Ondo State, promising massive job creation and economic transformation for the state and its neighbours.
Dangote disclosed the development during a business visit to Ondo State Governor, Lucky Aiyedatiwa, at the Government House, Alagbaka, Akure, saying the investment would surpass the initial $6 billion project earlier proposed for the zone in 2013.
According to him, the new project will transform Olokola into one of the biggest industrial zones in Africa, equipped with critical infrastructure including power, water and developed industrial sites to attract both local and foreign investors.
“I brought a big gift to give him the good news that we are going back to Olokola Free Trade Zone. We want to create the biggest industrial zone with provision of power and other infrastructure where investors can easily come and establish industries,” Dangote said.
He added that construction would commence in the last quarter of 2026, while the group is also considering establishing a cement plant in Ondo State.
“We are also looking at the possibility of doing cement in Ondo State. Once we start this industrial zone, we will move to site and begin construction.
“There will be a lot of jobs. Not only the people of Ondo State will benefit, but neighbouring states too. When we built the refinery project in Lagos, we had over 67,000 workers. You can imagine the level of development this project will bring,” he stated.
Dangote explained that the industrial zone would provide investors with ready-made infrastructure, eliminating concerns about power supply, water and land development.
“Anybody coming to establish an industry will not have to worry about power. We will provide power, water and developed land. They only need to bring in their factories and connect to the infrastructure,” he said.
The business mogul praised Governor Aiyedatiwa for creating an enabling environment for investment, describing him as a visionary leader committed to economic development.
Responding, Governor Lucky Aiyedatiwa expressed delight over Dangote’s decision to return to Ondo State, describing the investment as a major boost to the state’s industrialisation drive.
The governor noted that although Dangote had shown interest in the Olokola project nearly two decades ago, circumstances prevented its take-off at the time.
“He has come back stronger and with a bigger vision. What is coming is beyond a Free Trade Zone. It is going to be a fully industrialised economic hub,” Aiyedatiwa said.
He pointed out that Ondo State’s strategic location along the Lagos-Calabar Coastal Highway corridor makes it an attractive destination for investors.
“We are fully ready for this project. We have always been ready and now that Dangote is back, we can hit the ground running,” the governor added.
Meanwhile, Aiyedatiwa inaugurated a Technical Committee on the Olokola Free Trade Zone (OKFTZ) to review all legal, administrative and operational issues surrounding the project and recommend the way forward.
The committee is chaired by Chief Bode Sunmonu, while the Chief Executive Officer of the Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Emmanuel Omomowo, will serve as Secretary.
Other members include Barr. Yinka Orokoto, Mr. Sola Adebisi, Mr. Idowu Ojo, Permanent Secretary, Ministry of Finance, and Engr. Femi Akarakiri, Director, ONDIPA.
The committee is expected to review legal frameworks, stakeholder engagements, land matters, community relations and inter-state coordination issues to ensure the successful implementation of the project.
Among top government officials present at the meeting were Deputy Governor Dr. Olayide Adelami, Chief of Staff Prince Segun Omojuwa, Commissioner for Finance Mrs. Omowunmi Isaac, Commissioner for Energy and Mineral Resources Engr. Johnson Alabi, Commissioner for Commerce, Industry and Cooperative Services Pastor Bola Ademuwagun, Commissioner for Environment Dr. Tob Loko, Special Adviser on Special Duties Comrade Gani Mohammed, and Barr. Emmanuel Omomowo, CEO of ONDIPA.
