Africa’s Richest Man wants to build a mega trading zone in Ondo State

• Aliko Dangote announced plans to build what he described as the biggest free trade zone in Olokola, Ondo State, with dedicated power, water and logistics infrastructure for businesses.

• The project will include investments in power generation, gas infrastructure, cement production and manufacturing to reduce the challenges faced by industries in Nigeria.

• Governor Lucky Aiyedatiwa welcomed the investment, saying it supports Ondo's industrialisation goals and will benefit from the state's deep seaport licence and strategic location.

President of the Dangote Group, Aliko Dangote, has renewed plans to develop a massive industrial and free trade zone in Olokola, located in Ilaje Local Government Area of Ondo State.

The billionaire businessman disclosed the development during a meeting with Ondo State Governor Lucky Aiyedatiwa in Akure on Monday, describing the proposed project as a major industrial hub that will provide critical infrastructure needed by investors.

According to Dangote, the project is being designed as more than just a traditional free trade zone. He said it will feature dedicated power generation, water supply, logistics facilities and other infrastructure that businesses need to operate efficiently.

“We want to create the biggest free trade zone where investors can just come and plug in. We will generate power, provide infrastructure and remove the bottlenecks around doing business,” he said.

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The renewed investment plan is expected to cover several sectors, including cement manufacturing, gas infrastructure, power generation and industrial production.

Dangote noted that unreliable electricity remains one of the biggest obstacles to industrial growth in Nigeria, forcing many manufacturers to depend heavily on generators and self-generated power.

He said the new industrial zone model is intended to solve that challenge by providing a stable and dedicated energy supply for companies operating within the area.

For more than three decades, power shortages have continued to affect manufacturing output and investment decisions across Nigeria, increasing production costs and reducing competitiveness.

Dangote also revealed plans to incorporate gas infrastructure into the project through an east-west gas pipeline corridor that will support energy-intensive industries and strengthen industrial activities within the zone.

Responding, Governor Aiyedatiwa described the proposed investment as a significant boost to Ondo State's industrialisation drive and economic development agenda.

The governor said the project aligns with his administration's vision of positioning Ondo as a major industrial and investment destination in South-West Nigeria.

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He added that the state's location along the Lagos-Calabar Coastal Highway corridor would provide strategic advantages for businesses operating within the proposed zone.

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Aiyedatiwa further highlighted Ondo State's deep seaport licence, saying it offers strong logistics potential and can accommodate large vessels without the need for transshipment.

“The limestone deposits in the state have been tested and found suitable for industrial use, signalling potential for cement production expansion.

“A technical committee has been established to engage with the Dangote Group on legal, land, community and operational frameworks, and we are ready to nominate a state representative to the project board,” the governor stated.

He assured Dangote of the state government's full support, stressing that authorities would work closely with investors and host communities to ensure the successful implementation and long-term sustainability of the project.

The Olokola Free Trade Zone project has been discussed for years as a potential industrial and maritime hub, with its coastal location making it attractive for large-scale manufacturing, export processing and logistics operations.