Aliko Dangote, president of Dangote Group, has revealed 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 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,” he added.
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 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 mobilise to 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.
TECHNICAL COMMITTEE ESTABLISHED TO ENGAGE WITH DANGOTE GROUP
In his remarks, Aiyedatiwa welcomed Dangote’s renewed
investment drive, describing it as a major milestone in Ondo state’s
industrialisation 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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