President of the Dangote Group, Aliko Dangote, has announced plans to return to the Olokola Free Trade Zone (OKFTZ) in Ondo State, more than a decade after shelving an earlier investment proposal in the area.

Dangote disclosed this on Monday while speaking with journalists after a courtesy visit to Ondo State Governor, Lucky Aiyedatiwa, in Akure.

He said the company intends to develop what he described as the biggest industrial zone in Nigeria, equipped with critical infrastructure such as power, water and developed industrial land to attract both local and foreign investors.

According to him, construction work on the project is expected to commence in the last quarter of the year.

“I came to give the Governor the good news that we are going back to Olokola Free Trade Zone. We want to create the biggest industrial zone in Nigeria with the provision of power and other infrastructure where investors can easily come and establish their businesses,” Dangote said.

He noted that the project would generate thousands of jobs for residents of Ondo State and neighbouring states, drawing parallels with the Dangote Refinery project in Lagos, which employed more than 67,000 workers during construction.

Dangote also said the development would stimulate economic activities in the area, increase property values and create opportunities for local communities, particularly in housing development.

Explaining the decision to return to Ondo after abandoning an earlier multi-billion-dollar investment plan, Dangote credited Governor Aiyedatiwa’s business-friendly disposition and commitment to private sector-led development.

“We now have a great leader in Governor Aiyedatiwa who understands the importance of bringing in private sector investment to develop the state. His actions have been very encouraging and that is one of the main reasons we came back. The atmosphere is friendlier now,” he said.

Asked about the scale of investment being considered, Dangote said it could exceed the $6 billion project earlier proposed for Olokola nearly two decades ago.

He explained that beyond Dangote Group’s direct investment, the industrial zone would be designed to attract other manufacturers by providing essential infrastructure, including power, water and developed industrial sites.

“It might be more than that this time. We will also invite other investors to bring their projects because they will not have to worry about power or infrastructure. Everything needed for industries to thrive will be provided,” he added.