President of the Dangote Group, Aliko Dangote, has unveiled plans to develop the Olokola free trade zone in Ondo State, describing the project as a large-scale industrial and investment hub designed to attract manufacturers and accelerate economic growth. Construction is expected to commence in the fourth quarter of 2026. Dangote disclosed the plan during a courtesy visit to Lucky Aiyedatiwa in Akure, where he outlined the vision for what he described as the largest industrial and free trade zone in the country.
According to Dangote, the Olokola free trade zone will be developed as a fully serviced industrial ecosystem rather than a conventional free trade zone.
“The proposed Olokola project will go beyond a conventional free trade zone. It will be fully equipped with power, water and logistics infrastructure so investors can just come and plug in,” he said.
“We will generate power, provide infrastructure and remove the bottlenecks around doing business.” He explained that the initiative is designed to address one of Nigeria’s most persistent industrial challenges, namely inadequate electricity supply.
Dangote noted that many manufacturers currently depend on self-generated electricity, increasing production costs and limiting industrial expansion. According to him, the new industrial zone will integrate dedicated power generation and gas infrastructure through an east-west gas corridor to support energy-intensive industries.
He recalled that the Dangote Group had previously explored investment opportunities in Olokola but encountered operational difficulties that shifted attention to projects in Lagos. However, he said renewed collaboration with the Ondo State Government and improved conditions had revived confidence in the project.
“Contractors are expected to mobilize in 3-4 months, with full construction starting Q4,” he stated.
The project structure will include government participation, with Dangote requesting that the state nominate a representative to serve on the zone’s board. Governor Aiyedatiwa welcomed the proposed Olokola free trade zone, describing it as a major step in the state’s industrialisation drive.
He said the initiative aligns with Ondo State’s ambition to become a leading industrial destination in the South-West, leveraging its position along the Lagos-Calabar Coastal Highway and its deep seaport licence capable of accommodating large vessels. The governor also highlighted the presence of industrial-grade limestone deposits in the state, noting their potential for future cement manufacturing investments.
To advance the project, the state government has established a technical committee to address legal, land, community and operational matters.
The committee is chaired by Chief Bode Sunmonu, while the Chief Executive Officer of ONDIPA, Emmanuel Omomowo, will serve as secretary. Other members include Barr. Yinka Orokoto, Sola Adebisi, Permanent Secretary of the Ministry of Finance Idowu Ojo, and Engr. Femi Akarakiri. The committee has been tasked with reviewing administrative, legal and community-related issues under defined terms of reference.
Olokola free trade zone proposal represents one of the most significant industrial investment plans announced for Ondo State in recent years. If successfully implemented, the project is expected to boost manufacturing, create jobs, strengthen infrastructure and expand economic opportunities across Ondo State and neighbouring regions.
