Business

Dangote unveils plans for largest free trade zone in Ondo

On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda.. .

Published

3 months ago

June 16, 2026

OCHEFA

247 Views

President of Dangote Group, Aliko Dangote, has disclosed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State.

According to him, the proposed Olokola project would go beyond a conventional free trade zone, emphasising that the move, as a power-driven investment hub, will be designed to attract manufacturers.

Dangote disclosed this during a courtesy visit to Governor Lucky Aiyedatiwa in his office in Akure, yesterday.

Dangote stressed that the free trade zone would be equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.

The initiative, according to Dangote, will address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years, noting that most manufacturers currently rely on self-generated electricity.

He said that the absence of reliable power had slowed industrial expansion across the country, adding that the new model would integrate a dedicated energy supply into the industrial zone.

Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.

He said the renewed engagement reflects improved conditions and stronger collaboration prospects with the state government.

On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda, stating that the project aligns with his administration’s efforts to position the state as a leading industrial destination in South-West, noting its strategic location along the Lagos-Calabar Coastal Highway corridor.

Aiyedatiwa also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.

He disclosed that limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.

Source: The Guardian

Related Topics:Dangote Ondo free trade zones Featured

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Business

US Bond Selloff Pushes Benchmark Yield Past 5%, Stocks Rattled

Published

2 hours ago

September 15, 2026

Charles Flames

8 Views

A sharp selloff in the US bond market has driven the benchmark Treasury yield above 5%, sending shockwaves through equity markets and heightening investor anxiety.

The surge in yields, particularly on the 10-year Treasury note, reflects growing concerns over persistent inflation, the outlook for interest rates, and the broader path of monetary policy. As bond prices fell, yields climbed past the psychologically important 5% threshold, marking a significant move that has unsettled risk assets.

US stock markets reacted with broad declines, as higher yields increased the attractiveness of fixed-income investments relative to equities and raised borrowing costs for companies. Major indices came under pressure, with investors reassessing valuations amid the rising cost of capital.

Market analysts note that the rapid move higher in yields has intensified volatility across asset classes. Traders are closely watching upcoming economic data and any signals from the Federal Reserve for clues on whether the upward pressure on yields will persist.

The development underscores the sensitivity of both bond and equity markets to shifting expectations around inflation and monetary policy in the world’s largest economy.

Business

Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Published

24 hours ago

September 14, 2026

OCHEFA

25 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.

“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.

He urged Nigerians to deepen the capital market and promote wider ownership of wealth.

“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.