The return of billionaire industrialist, Aliko Dangote, to the Olokola Free Trade Zone (OKFTZ) signals an era of unprecedented industrial growth and fresh private sector investments for Ondo State.
The Chairman of the Association of Local Governments of Nigeria (ALGON) in Ondo State, Fasua Gbenga, has welcomed the move, praising Governor Lucky Aiyedatiwa for cultivating a business-friendly environment that restored investor confidence.
Dangote had, on Monday, during a visit to Aiyedatiwa in Akure, the state capital, said the renewed investment framework covers power generation, cement production, gas infrastructure and industrial manufacturing.
He said the proposed Olokola project, which is projected to begin in the last quarter of the year, would go beyond a conventional free trade zone and be equipped with power, water and logistics infrastructure.
Dangote’s latest commitment was a revival of a project conceived decades ago under the administration of former President Olusegun Obasanjo but stalled due to reported issues of funding, land issues and regulatory disputes.
In a statement issued in Akure, Fasua described the revival of the project as a landmark achievement that would redefine the economic future of Ondo State and create enormous opportunities for employment, industrial growth and wealth creation.
“For many years, the Olokola project remained a symbol of unrealised expectations. The renewed interest in the zone presents an opportunity for economic development and greater investor participation in Ondo State,” he said.
Fasua described Dangote’s planned return to the project as a sign of confidence in the state’s investment environment.
“The return of Alhaji Aliko Dangote to Olokola reflects growing investor interest in the opportunities available in Ondo State and the efforts being made to create a conducive environment for business and industrial development,” he stated.
He noted that Dangote had publicly acknowledged Governor Aiyedatiwa’s engagement with the private sector, adding that collaboration between government and investors remains important for sustainable development.
According to the ALGON chairman, the proposed investments are expected to span sectors such as power generation, cement production, gas infrastructure, industrial manufacturing and the development of an industrial city.
He said the projects, if implemented, could enhance Ondo State’s position as an emerging industrial and commercial centre in Nigeria and the West African sub-region.
“Investment is often driven by confidence in the business environment. Continued collaboration between government and the private sector can help unlock economic opportunities and support long-term development,” Fasua added.
Speaking on behalf of ALGON and the 18 local government areas in the state, he expressed support for initiatives aimed at promoting economic growth and improving livelihoods.
Fasua also expressed optimism that the revival of activities in the Olokola Free Trade Zone would contribute to industrialisation, employment generation and broader economic development in Ondo State.
“On behalf of ALGON and the local government family in Ondo State, we reaffirm our support for policies and initiatives that promote economic growth and sustainable development across the state,” he said.
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