President of Dangote Group, Aliko Dangote, has disclosed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State.

According to him, the proposed Olokola project would go beyond a conventional free trade zone, emphasising that the move, as a power-driven investment hub, will be designed to attract manufacturers.

Dangote, who disclosed this during a courtesy visit to Governor Lucky Aiyedatiwa in his office in Akure, yesterday, stressed that the free trade zone would be equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.

The initiative, according to Dangote, will address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years, noting that most manufacturers currently rely on self-generated electricity.

He said that the absence of reliable power had slowed industrial expansion across the country, adding that the new model would integrate a dedicated energy supply into the industrial zone.

Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.

He said the renewed engagement reflects improved conditions and stronger collaboration prospects with the state government.

On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda, stating that the project aligns with his administration’s efforts to position the state as a leading industrial destination in South-West, noting its strategic location along the Lagos-Calabar Coastal Highway corridor.

Aiyedatiwa also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.

He disclosed that limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.

The governor said a technical committee had been established to engage with Dangote Group on legal, land, community and operational frameworks, while confirming readiness to nominate a state representative to the project board.

He, therefore, promised full government backing for the initiative, stressing that Ondo State would work closely with investors and host communities to ensure smooth implementation and long-term sustainability.

Meanwhile, the Ondo State Government has constituted a technical committee tasked with untangling the legal, administrative, and operational knots that have kept the Olokola Free Trade Zone (OKFTZ) project in limbo for years.

Aiyedatiwa constituted a seven-member panel yesterday with the task of unlocking the economic potential of the deep-sea port and industrial corridor, which straddles the border between Ondo and Ogun states.

A statement by the Chief Press Secretary to the Governor, Ebenezer Adeniyan, stated that a seasoned technocrat and former Nigerian ambassador, Bode Sunmonu, would chair the committee.

Aiyedatiwa tasked the committee with a mandate to chart a viable path forward with the terms of reference, including a complete legal review of all existing agreements and obligations, extensive stakeholders’ engagement with host communities and potential investors, meticulous land verification to resolve boundary disputes, and the strengthening of community relations.