Aiyedatiwa Moves to Revive Olokola FTZ, Sets Up Committee as Dangote Eyes Mega Industrial Hub
The Ondo State Government has intensified efforts to revive the long-abandoned Olokola Free Trade Zone (OKFTZ) project with the inauguration of a technical committee to clear legal, administrative and community hurdles, following renewed investment interest by the Dangote Group.
Governor Lucky Aiyedatiwa, who inaugurated the committee on Monday at the Governor’s Office in Akure, said the move signals his administration’s determination to transform the coastal economic corridor into a major industrial and logistics hub capable of attracting billions of naira in investments and creating thousands of jobs.
The governor disclosed that the decision followed the recent indication by the President of the Dangote Group, Aliko Dangote, to return to Olokola and establish what is expected to become Nigeria’s largest industrial and free trade hub.
According to Aiyedatiwa, the proposed development will feature independent power generation facilities, gas infrastructure, cement production plants and a plug-and-play industrial environment designed to attract both local and foreign investors.
He recalled that the Olokola Free Trade Zone, conceived in 2005 as a joint initiative between Ondo and Ogun states, was strategically located along the Atlantic coastline to serve as a major economic gateway for the South-West and the country.
Despite its enormous potential, the governor noted that the project had remained dormant for nearly two decades due to policy inconsistencies, coordination challenges and implementation delays.
He said the newly inaugurated committee would review all legal agreements relating to the project, including joint venture arrangements, shareholders’ agreements, powers of attorney and documents concerning IPEM’s equity divestment to the Dangote Group.
The committee will also serve as the liaison between the Ondo State Government and critical stakeholders, including the Dangote Group, IPEM, OKFTZC, OKFTZE, the Nigeria Export Processing Zones Authority (NEPZA), the Deep-Sea Port Authority, the Ogun State Government and relevant federal agencies.
Other responsibilities include verifying land ownership within the zone, identifying encroachments, resolving outstanding compensation issues involving host communities, and sustaining community support for the project’s implementation.
Aiyedatiwa charged members of the committee to carry out their assignment with transparency, patriotism and urgency, revealing that they had been given six weeks to submit their report to enable the Dangote Group commence mobilisation to the project site.
The committee is chaired by Chief Bode Sunmonu, with Barrister Yinka Orokoto, Mr. Sola Adebisi, Mr. Idowu Ojo and Engineer Femi Akarakiri serving as members, while Barrister Emmanuel Omomowo is the secretary.
Responding on behalf of the committee, Sunmonu assured the governor that members would complete their assignment within the stipulated timeframe, adding that preliminary work had already begun before the formal inauguration.
He attributed the Dangote Group’s renewed interest in the project to the conducive investment climate created by the Aiyedatiwa administration, describing the development as a significant boost for industrialisation, employment generation and economic growth in Ondo and neighbouring Ogun State.
Earlier, the Chief Executive Officer of the Ondo State Development and Investment Promotion Agency (ONDIPA), Emmanuel Omomowo, pledged the agency’s full support for the committee, describing its inauguration as a milestone in the renewed efforts to actualise the Olokola Free Trade Zone after nearly 20 years of inactivity.
