Ondo State Revives Olokola Free Trade Zone with Dangote Group’s Industrial Hub Ambitions
Ondo State is poised to unlock the dormant potential of the Olokola Free Trade Zone (OKFTZ), a coastal project conceived nearly two decades ago, following renewed interest from the Dangote Group. Governor Lucky Aiyedatiwa has inaugurated a technical committee tasked with spearheading the revival of the zone, signalling a determined effort to transform the ambitious initiative into a tangible economic asset.
The impetus for this revival stems from a recent commitment by Aliko Dangote, President of the Dangote Group, to re-engage with the Olokola corridor. Dangote expressed his company’s vision to develop what could become Nigeria’s largest industrial and free trade hub, a prospect that has galvanised the state government into action.
Governor Aiyedatiwa has set a stringent six-week deadline for the technical committee to submit its findings and recommendations. The committee, chaired by Bode Sunmonu and comprising Yinka Orokoto, Mr Sola Adebisi, Mr Idowu Ojo, and Engineer Femi Akarakiri, with Barrister Emmanuel Omomowo serving as secretary, brings together expertise in infrastructure, finance, law, trade, and project management. Their selection was based on demonstrated competence, integrity, and proven track records.
Originally conceived in 2005 as a collaborative venture between the Ondo and Ogun state governments, the OKFTZ was strategically positioned along their coastlines, offering direct access to the Atlantic Ocean. Its initial design envisioned it as a critical gateway for economic development across the South-West region and Nigeria as a whole, with aspirations to become a premier maritime, industrial, and logistics centre in Africa.
The committee’s mandate is comprehensive, encompassing a thorough review of all legal instruments governing the project. This includes scrutinising joint venture and shareholder agreements, powers of attorney, and documentation pertaining to IPEM’s divestment of equity to the Dangote Group. Furthermore, the committee will act as the primary interface between the Ondo State Government and key stakeholders. These include the Dangote Group, IPEM, the Olokola Free Trade Zone Company (OKFTZC), the Olokola Free Trade Zone Enterprise (OKFTZE), the Nigeria Export Processing Zones Authority (NEPZA), the Deep-Sea Port Authority, the Ogun State Government, and relevant federal agencies.
Additional responsibilities assigned to the committee involve the verification of land ownership and status within the zone, the identification of any encroachments or alienation issues, and the resolution of outstanding community matters, including compensation for economic trees and crops. Crucially, the committee is tasked with engaging with host communities and groups to ensure sustained support for the project.
The chairman of the technical committee, Bode Sunmonu, assured the governor of the committee’s commitment to delivering on its mandate within the stipulated timeframe, noting that preliminary work had already commenced. He highlighted the development as a significant catalyst for industrialisation, job creation, and economic prosperity, emphasizing that the benefits of investments in the zone would be shared equitably by both Ondo and Ogun states.
The chief executive officer of ONDIPA, who also serves as the committee’s secretary, pledged the agency’s full support, characterising the inauguration as a landmark event. This marks a critical juncture in the long-standing efforts to revive a project that has remained an unrealised aspiration for Ondo State for nearly two decades, promising significant implications for legal frameworks, investment structures, and regional economic integration.
