Aliko Dangote has announced a return to the Olokola Free Trade Zone in Ondo State, unveiling plans to develop Nigeria’s biggest industrial zone and create thousands of jobs
Why Dangote Is Returning to Ondo’s Olokola After More Than a Decade Away
Africa’s richest businessman, Alhaji Aliko Dangote, has announced a dramatic return to the Olokola Free Trade Zone in Ondo State, more than a decade after shelving an ambitious investment plan in the coastal economic corridor, declaring that the time is now right to build what he described as the biggest industrial zone in Nigeria.
Dangote made the announcement on Monday in Akure while speaking with journalists after a courtesy visit to Ondo State Governor, Hon. Lucky Aiyedatiwa. Accompanied by members of his team, the President of the Dangote Group revealed that construction activities would commence before the end of the year, marking a significant boost for Ondo State’s economic aspirations.
Explaining the purpose of his visit, Dangote said he came bearing good news for the governor and the people of the state. According to him, plans are underway to transform the Olokola Free Trade Zone into a massive industrial hub equipped with the infrastructure required to attract local and international investors.
“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 just come and put up their own investment.”
The billionaire industrialist disclosed that work on the project is expected to begin in the last quarter of 2026, expressing confidence that the development would trigger a wave of economic activities across Ondo State and neighbouring states.
“As I mentioned earlier on, once we put up this industrial zone everything else will follow. We are talking about within the last quarter of this year, we will move to site and start construction,” he stated.
Dangote projected that the project would create thousands of jobs and stimulate unprecedented economic growth, drawing parallels with the impact of the Dangote Refinery project in Lagos.
“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, very happy. Not only here, but also the neighbouring states. The last time we did this mega project in Lagos, the refinery alone, we had over 67,000 workers,” he said.
He noted that large-scale industrial developments often create ripple effects beyond direct employment, driving demand for housing, commerce and services while significantly increasing land values in surrounding communities.
“You can see what kind of development that it will bring. People who own lands in those areas have seen land prices go up by over 1,500 per cent. The local people will also set up housing because, as part of our policy, we allow locals to build houses and benefit directly from the economic activities,” Dangote added.
Addressing the reasons behind his decision to revive the Olokola project after years of inactivity, the business mogul credited Governor Aiyedatiwa’s leadership and investment-friendly policies for creating a conducive environment for private sector participation.
“Well, first of all, I think now we have a great leader in Governor Aiyedatiwa who is a business-minded person,” Dangote said. “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.”
Dangote also indicated that the scale of the new investment could surpass the $6 billion proposal previously considered for Olokola nearly two decades ago. According to him, the vision extends beyond Dangote Group’s investment alone and is designed to attract numerous industrial operators to the zone.
“No, it might be more than that this time,” he said when asked about the volume of investment. “It’s not only what we are going to invest, we will also invite other people to bring their projects and investments. Anybody who is coming to put up industry there does not have to worry about power or infrastructure. We’ll give power, the land will be developed, water will be there, everything will be there for investors to access.”
The announcement is expected to reignite interest in the long-awaited Olokola Free Trade Zone project, which has been viewed for years as one of the most strategic industrial development corridors in Nigeria. With Dangote’s renewed commitment and the backing of the Ondo State Government, expectations are mounting that the project could become one of the largest industrial and investment destinations in West Africa, creating jobs, attracting billions of dollars in investments and reshaping the economic landscape of the region.
