Aliko Dangote, Africa's richest man, has revived plans for a major industrial and free trade zone in the Olokola area of Ondo State. The project includes investments in power generation, gas infrastructure, cement production, and manufacturing, aimed at attracting investors and boosting industrial growth.
Dangote Announces Plans for Biggest Free Trade Zone
During a meeting with Ondo State Governor Lucky Aiyedatiwa in Akure on Monday, Dangote described the proposed project as the biggest free trade zone in Olokola, located in Ilaje Local Government Area. He stated that the zone would feature dedicated power, water, and logistics infrastructure for businesses, going beyond a traditional free trade zone.
“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,” Dangote said.
Key Investments and Infrastructure
The renewed investment plan covers several sectors, including cement manufacturing, gas infrastructure, power generation, and industrial production. Dangote highlighted that unreliable electricity remains a major obstacle to industrial growth in Nigeria, forcing many manufacturers to rely heavily on generators. The new industrial zone model aims to solve this challenge by providing a stable and dedicated energy supply for companies operating within the area.
To address Nigeria's decades-long electricity deficit, Dangote's “plug-and-play” model includes a dedicated power plant and an east-west gas pipeline corridor. This gas infrastructure will support energy-intensive industries and strengthen industrial activities within the zone.
Governor Aiyedatiwa Welcomes Investment
Governor Lucky Aiyedatiwa welcomed the investment, stating that it supports Ondo State's industrialization goals. He noted that the state's location along the Lagos-Calabar Coastal Highway corridor provides strategic advantages for businesses operating within the proposed zone. Additionally, the governor highlighted Ondo State's deep seaport licence, which offers strong logistics potential and can accommodate large vessels without the need for transshipment.
“The limestone deposits in the state have been tested and found suitable for industrial use, signalling potential for cement production expansion. A technical committee has been established to engage with the Dangote Group on legal, land, community and operational frameworks, and we are ready to nominate a state representative to the project board,” Aiyedatiwa said.
He assured Dangote of the state government's full support, stressing that authorities would work closely with investors and host communities to ensure the successful implementation and long-term sustainability of the project.
Background of Olokola Free Trade Zone
The Olokola Free Trade Zone project has been discussed for years as a potential industrial and maritime hub. Its coastal location makes it attractive for large-scale manufacturing, export processing, and logistics operations. The renewed plans signal a significant step toward realizing this vision, with potential to transform the economic landscape of Ondo State and the South-West region.
