Aiyedatiwa inaugurates committee to revive Olokola Free Trade Zone

Ondo State Governor, Lucky Aiyedatiwa, on Monday inaugurated a Technical Committee on the Olokola Free Trade Zone (OKFTZ) as part of efforts to revive the long-abandoned industrial project amid fresh interest by the Dangote Group to establish what is expected to become Nigeria’s largest industrial and economic hub in the state.

Speaking during the inauguration at the Governor’s Office in Akure, Aiyedatiwa described the move as a major step towards reactivating the Olokola corridor, stressing that his administration is determined to transform the project into a thriving economic hub capable of attracting investments, creating jobs and driving industrial growth.

The governor recalled that the Olokola Free Trade Zone was conceived in 2005 as a joint initiative of the Ondo and Ogun State governments. Located along the coastlines of both states with direct access to the Atlantic Ocean, the zone was designed to serve as a strategic economic gateway for the South-West and the country.

He noted that despite its enormous potential to become one of Africa’s leading maritime, industrial and logistics hubs, the project had remained dormant for nearly two decades due to policy gaps, coordination challenges and implementation delays.

Aiyedatiwa revealed that President of the Dangote Group, Aliko Dangote, recently expressed interest in returning to Olokola to develop what he described as the largest industrial and free trade hub in Nigeria, with plans for independent power generation, gas infrastructure, cement production facilities and a plug-and-play environment for investors.

“The people of Ondo State have long looked to the coastline as a source of thousands of jobs, major investments and accelerated industrialisation. Today, we are taking deliberate steps to ensure that this vision becomes a reality. We are determined to remove all obstacles and create the right conditions for the successful reactivation of the Olokola Free Trade Zone,” the governor said.

The committee, chaired by Chief Bode Sunmonu, is expected to review legal and operational frameworks governing the project, engage key stakeholders, verify land ownership issues, address encroachments and community concerns, and facilitate discussions with relevant state and federal agencies.

Aiyedatiwa gave the committee six weeks to submit its report, while Sunmonu assured the governor that members would deliver on their mandate within the stipulated period, describing the renewed push for the project as a major boost for industrialisation, job creation and economic development in Ondo and Ogun states.