Dangote Returns to Olokola, Plans Mega Industrial Zone as Ondo Sets Up Technical Committee

President of the Dangote Group, Aliko Dangote, has announced plans to return to the Olokola Free Trade Zone with a massive industrial development project expected to create thousands of jobs, attract local and foreign investments, and accelerate industrialisation in Ondo State.

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Dangote disclosed this on Monday while speaking with journalists after a courtesy visit to Ondo State Governor, Lucky Orimisan Aiyedatiwa, in Akure.

According to him, the proposed project will transform Olokola into the largest industrial zone in Nigeria, complete with critical infrastructure such as power, water and other facilities that would enable investors to establish industries with ease.

“I came to visit the Governor and I brought a big gift to give him the good news that we’re going to go back to Olokola Free Trade Zone,” Dangote said.

“We want to create here the biggest industrial zone in Nigeria, with the provision of power and other infrastructure where investors can easily come and establish their businesses.”

He disclosed that construction is expected to commence in the last quarter of 2026, noting that the development would generate substantial employment opportunities for residents of Ondo State and neighbouring states.

Drawing parallels with the construction of the Dangote Refinery, Dangote recalled that the refinery project engaged more than 67,000 workers during its peak construction phase.

“When this starts, there will be a lot of jobs for the people, and I’m sure the people of Ondo State will be very happy. Not only here, but also the neighbouring states,” he said.

The billionaire businessman also highlighted the economic transformation witnessed around the Lagos industrial corridor, noting that property values in host communities increased significantly following industrial development.

Explaining the reasons behind his renewed interest in Olokola after withdrawing from the project over a decade ago, Dangote credited Governor Aiyedatiwa’s business-friendly approach and commitment to private-sector-led development.

“First of all, I think now we have a great leader in Governor Aiyedatiwa who is a business-minded person. He knows the importance of bringing in the private sector to develop the state. His actions have been very encouraging and that’s one of the main reasons we came back here.

The atmosphere is friendlier now,” he stated.
Asked about the scale of investment being considered, Dangote indicated that the value of the new project could exceed the $6 billion investment earlier proposed for Olokola nearly two decades ago.

“It might be more than that this time. It’s not only what we are going to invest, we will also invite other people to bring their projects and investments,” he said.

He explained that the industrial zone would provide investors with ready-made infrastructure, including electricity, water supply and developed land, thereby reducing the cost and complexity of setting up industries.

Responding, Governor Aiyedatiwa described Dangote’s decision to return to Olokola as a major milestone in the state’s industrialisation agenda, noting that the initiative aligns with his administration’s vision of positioning Ondo as the leading industrial destination in the South-West.

The governor said the project’s strategic location along the proposed Lagos-Calabar Coastal Highway corridor would further enhance its attractiveness to investors and strengthen regional economic integration.

Aiyedatiwa also highlighted Ondo State’s deep seaport licence, describing it as a major logistics advantage capable of accommodating large vessels without the need for transshipment.

He disclosed that limestone deposits in the state had been tested and certified suitable for industrial use, opening up prospects for expanded cement production and other manufacturing activities.

To facilitate the successful revival of the Olokola project, the governor announced the constitution of a seven-member technical committee to address legal, administrative and operational challenges that have stalled the project for years.

According to a statement by his Chief Press Secretary, Ebenezer Adeniyan, the committee is chaired by former Nigerian ambassador and technocrat, Bode Sunmonu.

The committee has been mandated to conduct a comprehensive review of all existing agreements and obligations relating to the project, engage host communities and prospective investors, verify land ownership and boundaries, resolve outstanding disputes, and strengthen community relations.

Aiyedatiwa said the state government would also nominate a representative to the project’s board and work closely with investors and host communities to ensure seamless implementation and long-term sustainability.

The governor expressed confidence that the renewed partnership with Dangote Group would unlock the vast economic potential of the Olokola Free Trade Zone, revive plans for the deep-sea port and industrial corridor, and create unprecedented opportunities for investment, employment and economic growth in Ondo State and beyond.