Africa's richest businessman, Aliko Dangote, has unveiled plans to establish a large-scale industrial and free trade zone in Olokola, Ondo State. The project aims to attract investors, boost manufacturing, and overcome infrastructure challenges that have long hindered Nigeria's industrial growth.
Integrated Infrastructure to Drive Industrial Growth
Dangote disclosed the proposal during a visit to Governor Lucky Aiyedatiwa in Akure, describing the development as transformative. The industrial zone will provide investors with critical infrastructure, including dedicated power generation, water supply systems, transportation networks, and logistics, enabling businesses to operate without delays.
Inadequate electricity supply has been a major obstacle to Nigeria's industrial development for over three decades. To address this, the hub will incorporate its own energy solutions. It will also benefit from a proposed east-west gas pipeline corridor, supplying fuel for energy-intensive industries and supporting large-scale manufacturing.
Dangote added that contractors are expected to move to the site within three to four months, with full-scale construction beginning in the final quarter of the year.
Government Partnership and Job Creation
As part of the governance structure, Dangote proposed that the Ondo State Government nominate a representative to the board overseeing the zone. He expressed confidence that the project will generate thousands of jobs, stimulate economic activity, and attract local and foreign investments to Ondo and neighboring regions. He cited the success of similar industrial projects in Lagos, which have boosted employment and export earnings.
Governor Aiyedatiwa welcomed the investment, calling it a significant boost to the state's industrialization drive. He highlighted Ondo's strategic advantages, including its location along the Lagos-Calabar Coastal Highway corridor, a deep seaport license capable of handling large vessels, and abundant limestone deposits suitable for industrial applications like cement production. These assets position the state as an attractive destination for large-scale industrial investments.
