President of the Dangote Group, Aliko Dangote, has announced plans to return to the Olokola Free Trade Zone (OKFTZ) in Ondo State, with a proposal to establish what he described as the largest industrial zone in Nigeria.
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 industrial hub will be equipped with critical infrastructure, including power, water and developed land, to attract local and foreign investors.
“I brought a big gift to give the governor—the good news that we are going 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 revealed that construction activities are expected to commence in the last quarter of the year, adding that the project would create thousands of jobs for residents of Ondo State and neighbouring states.
Drawing parallels with the development of the Dangote Refinery and industrial complex in Lagos, Dangote noted that the refinery project alone engaged more than 67,000 workers during its construction phase.
He said the new industrial zone would stimulate economic activities, boost land values and create opportunities for local communities through housing development and related businesses.
Explaining his decision to revive investment plans in Ondo State after withdrawing from an earlier proposal over a decade ago, Dangote credited the leadership of Governor Aiyedatiwa.
“We now have a great leader in Governor Aiyedatiwa who is business-minded and understands the importance of private-sector participation in development. His actions have been very encouraging, and that is one of the main reasons we came back. The atmosphere is friendlier now,” he said.
On the scale of the proposed investment, Dangote indicated that it could surpass the $6 billion investment earlier proposed for the Olokola project nearly two decades ago.
“It might be more than that this time,” he stated. “Beyond our own investment, we will invite other investors to bring their projects. They won’t have to worry about power or infrastructure because we will provide those facilities. Investors will only need to establish their factories and connect to the services we provide.”
The renewed commitment by the Dangote Group is expected to bolster Ondo State’s industrialisation drive and position the Olokola Free Trade Zone as a major investment destination in Nigeria.