Table of Contents
Key Points
- Aliko Dangote plans to build Nigeria’s largest seaport at the Olokola Free Trade Zone while reviving a stalled 6-million-metric-ton cement plant in Ogun State.
- Dangote’s Itori cement plant, set for completion by November 2026, will boost Ogun State’s cement production capacity to 18 million metric tons per year.
- Dangote’s refinery, running at 85% capacity, is expanding crude storage and exporting fuel to Cameroon, Angola, Ghana, and South Africa.
Africa’s richest man, Aliko Dangote, has announced plans to build Nigeria’s largest seaport at the Olokola Free Trade Zone (OKFTZ) in Ogun State. At the same time, his company is restarting work on a 6-million-metric-ton-per-year cement plant in Itori, also in Ogun State, now scheduled for completion in November 2026.
During a visit to the nearly $800 million Itori cement plant, Dangote expressed frustration over past delays, blaming the previous administration for twice demolishing the project. Once completed, the facility—spanning 533 hectares—will increase Ogun State’s cement production capacity to 18 million metric tons per year, making it the highest cement-producing region in Africa.
Reviving the Olokola Free Trade Zone for Nigeria’s largest seaport
Alongside the cement plant, Dangote revealed plans to revive the long-abandoned Olokola Free Trade Zone, citing support from Ogun State Governor Dapo Abiodun as a major factor. The 10,500-hectare zone, originally set up in 2004 as a joint venture between Ogun and Ondo States, was designed to support oil and gas manufacturing, gas supply, and export processing.
The project had been stalled for years due to legal battles, infrastructure challenges, and bureaucratic delays. Now, with renewed government backing and Dangote’s commitment, the zone is set for a fresh start—as the site of Nigeria’s largest seaport.
“We had abandoned our vision for the Olokola Free Trade Zone, but with Governor Abiodun’s policies and investor-friendly environment, we are back,” Dangote said. “We will work with the government to bring this project to life, and plans are already in motion to construct the country’s largest port.”
The development is expected to turn Ogun Waterside Local Government Area into a major industrial hub, attracting investment across multiple sectors. It will improve trade infrastructure, boost economic growth, and create thousands of jobs, offering new opportunities for local communities.
Dangote’s investments reshaping Nigeria’s economy
Dangote highlighted how his company’s investments have helped Nigeria achieve self-sufficiency in cement production, ending its reliance on imports and turning the country into an exporter. Similarly, the Dangote Fertilizer Plant has made Nigeria Africa’s top urea producer, supplying both local and international markets, including the U.S., India, and Brazil.
His $23 billion Dangote Oil Refinery is also transforming Nigeria’s energy landscape. Since opening in 2023, the 6,200-acre refinery in Lekki Free Zone has cut Nigeria’s dependence on imported fuel. By mid-2024, it was refining 350,000 barrels per day (b/d), with output set to reach 500,000 b/d by January 2025 and full capacity of 650,000 b/d soon after. Executive director Edwin Devakumar confirmed the refinery is already running at 85 percent capacity.
To ease supply challenges, Dangote is expanding crude storage by 41.67 percent to 3.4 billion liters, with eight new tanks—four nearing completion. Beyond Nigeria, the refinery is emerging as a global supplier, already exporting diesel and jet fuel to Cameroon, Angola, Ghana, and South Africa. A recent deal with Saudi Aramco further highlights its growing international reach.
