Ondo State’s drive for economic expansion received a major boost as businessman Aliko Dangote unveiled plans for a multi-billion-dollar industrial investment package in the state. The proposal, announced during a visit to Governor Lucky Aiyedatiwa in Akure, is expected to create thousands of jobs and stimulate large-scale industrial activities across the region.

At the centre of the proposal is the planned development of the Olokola Industrial and Free Trade Zone, which Dangote said would be designed as a fully serviced industrial hub. According to him, the facility will provide its own electricity, water supply and other essential infrastructure, enabling manufacturers to establish operations with fewer operational challenges.

The project is expected to address one of the biggest concerns facing businesses in Nigeria—high production costs driven by inadequate power supply. Dangote noted that many companies currently spend heavily on self-generated electricity, a situation he said has slowed industrial growth and reduced competitiveness.

To support long-term manufacturing activities, the industrial zone will include dedicated power facilities and an east-west gas corridor. The integrated energy infrastructure is expected to provide reliable power for factories and other industrial operators, helping to improve productivity and attract both local and foreign investors.

Dangote explained that previous efforts to develop projects in the Olokola axis faced operational setbacks, prompting a shift of major investments to Lagos. However, he expressed confidence that stronger collaboration with the Ondo State Government and improved investment conditions would ensure the success of the renewed initiative. He added that contractors are expected on site within the next three to four months, while discussions are ongoing for state representation on the project’s governing board.

Responding, Governor Aiyedatiwa described the investment plan as a significant opportunity for economic transformation in Ondo State. He said the project aligns with the state’s industrialisation agenda and could strengthen its position as a major investment destination in the South-West. According to the governor, a technical committee has already been established to work with the Dangote Group on land, legal, community and operational matters to accelerate implementation and maximise the economic benefits for residents.