President and Chief Executive of the Dangote Group, Alhaji Aliko Dangote, has attributed his decision to revive investment plans in the Olokola Free Trade Zone (OKFTZ) to the investor-friendly disposition of Ondo State Governor, Lucky Orimisan Aiyedatiwa.
Dangote made the declaration on Monday after a closed-door meeting with the governor in Akure, where he announced plans by his conglomerate to establish a massive industrial zone in the coastal area of the state.
The renowned industrialist said the project would rank among the largest industrial developments in Nigeria and would provide critical infrastructure needed to attract both local and foreign investors.
According to him, the proposed industrial hub will offer uninterrupted power supply, water facilities and other essential services, enabling investors to focus solely on setting up and operating their businesses.
“We have decided to return to Olokola because the environment is now conducive for investment. Governor Aiyedatiwa understands the importance of private-sector participation in economic development and has demonstrated a commitment to attracting investors,” Dangote said.
He disclosed that work on the project is expected to commence before the end of the year, expressing confidence that the development would generate enormous economic benefits for Ondo State and the South-West region.
Dangote noted that thousands of direct and indirect jobs would be created during and after the construction phase, recalling that the Dangote Refinery project in Lagos engaged over 67,000 workers at its peak.
He said the Olokola initiative would trigger rapid industrial growth, stimulate commercial activities and improve the standard of living of residents in host communities.
The businessman further explained that the project would adopt a model that encourages local participation, particularly in housing development and support services for workers and investors.
“We want the local people to be part of the success story. As industries spring up, there will be opportunities for housing, transportation, commerce and several other businesses,” he said.
Reflecting on an earlier proposal for a $6 billion investment in Olokola nearly two decades ago, Dangote indicated that the scale of the new initiative could surpass the previous projection.
He emphasized that the industrial zone would not be limited to Dangote Group investments alone but would serve as a platform for numerous other investors seeking a conducive environment to establish industries.
With the planned return of the Dangote Group to Olokola, stakeholders have expressed optimism that the project could usher in a new era of industrialization, employment generation and economic prosperity for Ondo State.
