Africa’s richest businessman, Aliko Dangote, has announced his plans to return to the Olokola Free Trade Zone (OKFTZ) in Ondo State, attributing his decision to Governor Lucky Aiyedatiwa’s commitment to creating a business-friendly environment. This marks a significant return more than a decade after he shelved a major investment project in the area.
During a visit to Governor Aiyedatiwa in Akure on Monday, the President of the Dangote Group unveiled ambitious plans to develop what he described as the largest industrial zone in Nigeria. “I came to visit the Governor and bring him good news,” Dangote told journalists after the meeting. “We are going back to the Olokola Free Trade Zone. Our goal is to create the biggest industrial zone in Nigeria, complete with power and infrastructure that will make it easy for investors to set up businesses.”
According to him, construction is expected to begin in the last quarter of the year, marking the start of what he believes will be transformative economic development for Ondo State and neighbouring communities.
Thousands of Jobs Expected
The billionaire industrialist stated that the project would generate significant employment opportunities and stimulate economic activities across the region. Drawing comparisons with the construction of the Dangote Refinery in Lagos, he noted that more than 67,000 workers were engaged during the peak of that project. “When this starts, there will be a lot of jobs for the people. Not only for Ondo State but also for neighbouring states,” he said.
Beyond direct employment, Dangote explained that local communities would benefit from rising commercial activities, increased demand for housing, and growth in land values. He highlighted that communities around major industrial developments often experience rapid economic expansion, noting that land prices around the Dangote Refinery corridor had risen dramatically over the years.
Additionally, the businessman mentioned plans to encourage local participation in housing development, allowing residents to build accommodation for workers and investors moving into the area.
Investment Could Exceed Previous $6 Billion Proposal
Dangote revealed that the scale of the new development could surpass the $6 billion investment initially proposed for Olokola nearly two decades ago. He emphasised that the project would not be limited to Dangote Group investments but would also serve as a platform to attract local and international manufacturers. “It may be more than that this time,” he said. “We will invite other investors to bring their projects. They won’t have to worry about power, water, or infrastructure because those facilities will already be in place. They can simply come, build their factories, and begin operations.”
The renewed Olokola initiative is expected to strengthen Ondo State’s position as an emerging industrial destination and could become one of the most significant private-sector-led development projects in Nigeria in the coming years. For many residents, the announcement signals renewed hope that the long-awaited dream of transforming Olokola into a major industrial and economic hub may finally become a reality.
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