The Ondo State Government has inaugurated a technical committee to review and reposition the Olokola Free Trade Zone (OKFTZ) project as part of efforts to accelerate industrial development and attract fresh investments into the state.
The committee is expected to assess the current status of the project, identify challenges that have slowed its progress, and recommend strategies for its revival and long-term sustainability.
The Olokola Free Trade Zone, located along the border of Ondo and Ogun states, was conceived as a major industrial and economic hub designed to attract local and foreign investors. The project has remained a key component of plans to boost manufacturing, maritime activities, logistics, and job creation in the region.
According to the state government, the review will focus on strengthening the institutional framework of the zone, improving investor confidence, and ensuring that the project aligns with current economic realities and development goals.
The move comes amid renewed interest in the Olokola axis following discussions around proposed industrial projects, including a deep seaport and other large-scale investments expected to drive economic growth in the coastal region.
Government officials expressed confidence that the committee’s recommendations would provide a clear roadmap for unlocking the economic potential of the free trade zone and creating opportunities for businesses and residents alike.
The Olokola Free Trade Zone has long been viewed as a strategic project capable of transforming Ondo State into a major industrial destination, with prospects for increased employment, improved infrastructure, and expanded trade activities.
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