Alhaji Aliko Dangote, President of the Dangote Group and Africa's richest businessman, has announced plans to revive investment activities at the Olokola Free Trade Zone (OKFTZ) in Ondo State, marking a significant return to a project he exited more than a decade ago.
Speaking with journalists after a courtesy visit to Ondo State Governor Lucky Orimisan Aiyedatiwa in Akure on Monday, Dangote revealed that his company intends to establish what he described as the largest industrial zone in Nigeria, supported by world-class infrastructure and designed to attract both local and international investors.
Dangote's Vision for Olokola
According to Dangote, the proposed industrial hub will provide essential infrastructure such as reliable power supply, water, and developed industrial land, allowing investors to focus solely on setting up their businesses without worrying about basic facilities.
"I came to visit the Governor and bring good news that we are returning to the Olokola Free Trade Zone," Dangote said. "We want to create the biggest industrial zone in Nigeria, with power and other infrastructure already in place, so that investors can easily establish their operations."
He disclosed that construction activities are expected to commence in the last quarter of the year, with site mobilization planned before the end of 2026.
Job Creation and Regional Development
Dangote emphasized that the project would generate substantial employment opportunities for residents of Ondo State and neighboring states.
Drawing comparisons with the construction of the Dangote Refinery in Lagos, he noted that the refinery project alone engaged more than 67,000 workers at its peak, demonstrating the scale of economic activity large industrial developments can stimulate.
"When this project begins, there will be many jobs for the people. The benefits will extend beyond Ondo State to neighboring states as well," he stated.
The businessman also highlighted the broader economic impact such developments can have on host communities, including increased commercial activity, improved infrastructure, and rising property values.
Referring to the transformation witnessed around the Lekki Free Zone in Lagos, where the Dangote Refinery is located, he noted that previously undeveloped areas have evolved into thriving economic corridors. According to him, land values in those communities increased dramatically as industrial activities expanded and supporting businesses emerged.
Opportunities for Local Communities
Dangote explained that local residents would play a direct role in the development process. Under the company's community-focused model, residents would be encouraged to invest in housing and related services to accommodate workers and businesses operating within the industrial zone.
He noted that such arrangements have proven successful in other large-scale projects, helping local communities participate directly in the economic benefits generated by industrial investments.
Why Dangote Is Returning to Ondo State
When asked what influenced his decision to return after many years away from the project, Dangote pointed to the leadership of Governor Lucky Aiyedatiwa.
According to him, the governor's commitment to private-sector-driven development and his business-friendly approach played a major role in rebuilding investor confidence.
"I think we now have a great leader in Governor Aiyedatiwa who understands the importance of attracting private-sector investment to develop the state," Dangote said. "His actions have been very encouraging, and that is one of the main reasons we decided to come back. The atmosphere is much friendlier now."
Investment Could Exceed Previous Plans
Dangote was also asked about the scale of investment being considered, particularly in light of the approximately $6 billion proposal associated with the Olokola project nearly two decades ago.
In response, he suggested that the new initiative could surpass the value of the earlier proposal.
"It may be more than that this time," he explained.
He stressed that the project extends beyond Dangote Group's direct investment, as the company intends to attract numerous manufacturers and industrial operators to the zone. By providing critical infrastructure—including electricity, water supply, and fully developed industrial land—the industrial hub is expected to lower barriers to entry for investors.
"Anyone coming to establish an industry there will not need to worry about power or infrastructure. We will provide those facilities. Investors can simply come, build their factories, and connect to the services already available," he said.
The planned revival of the Olokola Free Trade Zone is expected to strengthen Ondo State's position as a major industrial destination, potentially transforming the region into one of Nigeria's most significant centers for manufacturing, logistics, and economic development.
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