For years, Olokola stood as a symbol of unrealised industrial ambition on Nigeria’s coastline. Now, the area is back in the spotlight after Alhaji Aliko Dangote unveiled a sweeping investment programme that could transform Ondo State into one of the country's most significant manufacturing and export centres.
The President of the Dangote Group announced plans to develop what he described as Nigeria’s largest industrial and free trade zone in Olokola, located in Ilaje Local Government Area. The proposal forms part of an investment drive that stretches beyond manufacturing to include power generation, gas infrastructure and cement production.
The announcement came during a courtesy visit to Governor Lucky Aiyedatiwa at the Government House in Akure on Monday, where discussions centred on creating a new industrial ecosystem capable of attracting both domestic and foreign investors.
Unlike conventional industrial estates where businesses are left to solve infrastructure challenges on their own, the proposed Olokola development is designed as a ready-to-operate hub. According to Dangote, investors will have access to essential facilities from day one, including electricity, water and logistics services.
His argument is rooted in a challenge that has troubled Nigerian industry for decades: unreliable power supply.
Dangote noted that manufacturers across the country have spent years relying on expensive self-generated electricity, a burden that has slowed industrial growth and increased operating costs. To avoid repeating that pattern, the Olokola project will incorporate dedicated power generation facilities alongside gas infrastructure. An east-west gas corridor is also planned to support industries expected to operate within the zone.
The initiative carries particular significance because it revives a location where the Dangote Group once attempted to establish a presence. Those earlier efforts, according to the businessman, were frustrated by operational difficulties, forcing the conglomerate to channel major investments elsewhere, particularly Lagos.
That experience, however, has not diminished interest in the area.
Dangote said changing circumstances and improved collaboration with the Ondo State Government have created fresh confidence that the project can now succeed. He outlined a vision of a free trade zone built to remove bureaucratic and infrastructural obstacles that often discourage investment.
"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.
The scale of the proposal suggests Ondo could become a major industrial destination if implementation proceeds as planned. Dangote projected that the development would create thousands of jobs, stimulate economic activity and strengthen the state's position as a manufacturing and export hub.
Work on the project appears set to move quickly. Contractors are expected to mobilise to the site within the next three to four months, while full-scale construction is scheduled to begin in the last quarter of 2026.
In addition, Dangote called for the state government to be represented on the board of the industrial zone, a move he said would improve coordination and support effective execution.
For Governor Aiyedatiwa, the proposal fits squarely within the state's economic aspirations. He described the planned investment as a defining moment in Ondo's development journey and a major boost to efforts aimed at attracting large-scale industries.
The governor pointed to the state's location along the Lagos-Calabar Coastal Highway corridor as a strategic advantage, arguing that improved connectivity would support industrial expansion and trade. He also highlighted Ondo's natural resource base as a key attraction for investors.
According to him, the state's deep seaport licence offers an additional competitive edge by providing the foundation for large-scale industrial activity and international commerce.
Governor Aiyedatiwa further disclosed that limestone deposits within the state have been tested and confirmed suitable for industrial use, creating opportunities for growth in cement production and other manufacturing ventures.
To prepare for the project's implementation, the state government has already constituted a technical committee. The body will focus on resolving legal, land, community and operational matters associated with the development, with the aim of ensuring a smooth rollout.
"This investment marks the beginning of an industrial revolution in Ondo State. We are committed to creating the right environment for businesses to thrive and for investors to succeed," the governor said.
He also pledged full government support for the Dangote Group's plans and promised close engagement with investors and host communities to safeguard the project's long-term sustainability.
Among those present at the meeting were Deputy Governor Dr Olayide Adelami, Chief of Staff Prince Segun Omojuwa, commissioners, other senior government officials and representatives of the Dangote Group.
If the vision outlined in Akure becomes reality, Olokola could move from being a site of abandoned industrial hopes to the centrepiece of a new manufacturing corridor, one capable of reshaping Ondo State's economy and strengthening Nigeria's industrial capacity for years to come.