By Duchess Ifeoluwa
Ondo State Governor, Lucky Aiyedatiwa, has inaugurated a Technical Committee to drive the reactivation of the long-abandoned Olokola Free Trade Zone (OKFTZ), a move aimed at unlocking massive industrial investments, creating jobs and transforming the state’s coastal corridor into a major economic hub.
The inauguration, held on Monday at the Governor’s Office in Akure, comes amid renewed interest by the Dangote Group to establish what could become Nigeria’s largest industrial and free trade hub within the Olokola axis.
Speaking at the event, Governor Aiyedatiwa described the inauguration as a historic milestone in the state’s quest to translate the long-conceived project into a reality capable of stimulating economic growth and industrial expansion.
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 Atlantic coastline shared by both states, the project was envisioned as a strategic gateway for maritime trade, industrial development and logistics operations in Nigeria and the wider West African region.
According to him, despite its enormous economic potential, the project has remained dormant for nearly two decades due to policy inconsistencies, coordination challenges and implementation setbacks.
“The people of Ondo State have long looked to the coastline as a source of jobs, investments and industrial growth. Unfortunately, the project has not achieved its intended objectives. Our administration is determined to change that narrative,” the governor said.
Aiyedatiwa revealed that the recent visit of the President of the Dangote Group, Aliko Dangote, to Ondo State rekindled hopes for the revival of the project, as the business magnate expressed readiness to return to Olokola and establish a world-class industrial complex in the area.
The proposed investment, he said, would include independent power generation facilities, gas infrastructure, cement manufacturing plants and a plug-and-play industrial ecosystem designed to attract both local and international investors.
He assured investors and development partners that Ondo State remains committed to creating a conducive environment for business and industrial growth.
The governor charged members of the newly inaugurated committee to approach their assignment with dedication, transparency and patriotism, emphasizing that they have been entrusted with a historic responsibility.
He disclosed that the committee has been given six weeks to submit its report, a timeline informed by the Dangote Group’s planned mobilisation to the project site.
The committee is chaired by renowned energy expert and former Managing Director of Shell Petroleum Development Company of Nigeria, Chief Bode Sunmonu.
Other members include Barrister Yinka Orokoto, Mr. Sola Adebisi, Mr. Idowu Ojo and Engineer Femi Akarakiri, while Barrister Emmanuel Omomowo serves as Secretary.
Governor Aiyedatiwa explained that the committee’s mandate includes a comprehensive review of all legal instruments governing the project, including shareholders’ agreements, joint venture arrangements, powers of attorney and documentation relating to the divestment of equity interests to the Dangote Group.
The committee is also expected to serve as a liaison between the state government and key stakeholders, including the Dangote Group, Integrated Property and Environmental Management Limited (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, Ogun State Government and relevant federal agencies.
Other responsibilities include verifying land ownership within the zone, identifying encroachments and boundary issues, resolving outstanding community-related concerns such as compensation for economic trees and crops, and maintaining engagement with host communities to ensure sustained support for the project.
In his acceptance speech, Chief Sunmonu assured the governor that the committee would deliver on its assignment within the stipulated period.
He disclosed that preliminary work had already commenced before the formal inauguration and commended Governor Aiyedatiwa for demonstrating the political will required to revive the project.
According to him, the improved investment climate in Ondo State contributed significantly to the renewed interest shown by the Dangote Group.
Sunmonu described the planned development as a major catalyst for industrialisation, employment generation and economic prosperity in both Ondo and Ogun states.
He added that the benefits of investments within the zone would transcend state boundaries and positively impact the entire South-West region and Nigeria as a whole.
Earlier, the Chief Executive Officer of the Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Emmanuel Omomowo, described the inauguration as a landmark step in efforts to actualise a project that has remained largely unrealised for almost 20 years.
He pledged the agency’s full support for the committee and expressed confidence that the initiative would reposition Ondo State as a preferred destination for industrial investment.
The event attracted top government officials and stakeholders, including Deputy Governor; Dr. Olayide Adelami, Speaker of the Ondo State House of Assembly; Rt. Hon. Olamide Oladiji, Chief Judge of Ondo State; Justice Olusegun Odusola, Chief of Staff; Prince Segun Omojuwa, members of the State Executive Council, traditional leaders and representatives of various government agencies.
