The Ondo State Government has constituted a Technical Committee to undertake a comprehensive review of the Olokola Free Trade Zone (OKFTZ) project, in a move aimed at resolving lingering legal, administrative and operational concerns surrounding the initiative.
Governor Lucky Orimisan Aiyedatiwa announced the formation of the committee on Monday, signalling the administration’s renewed commitment to repositioning the long-stalled project for optimal economic impact.
According to a statement issued by the Chief Press Secretary to the Governor, Prince Ebenezer Adeniyan, the committee has been mandated to critically examine all issues affecting the OKFTZ and provide informed recommendations to guide government decisions on the project’s future.
The committee is chaired by Chief Bode Sunmonu, while the Chief Executive Officer of the Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Emmanuel Omomowo, will serve as Secretary.
Other members of the panel include Barrister Yinka Orokoto, Mr. Sola Adebisi, Permanent Secretary in the Ministry of Finance, Mr. Idowu Ojo, and Engr. Femi Akarakiri, a Director at ONDIPA.
The statement noted that the committee will operate under clearly defined Terms of Reference, which include conducting a legal review of existing agreements, engaging key stakeholders, verifying land related matters, managing community relations, and facilitating inter-state coordination, among other responsibilities.
The government expressed confidence that the committee’s work would provide a clear pathway for resolving longstanding challenges and unlocking the economic potential of the Olokola Free Trade Zone, which is strategically positioned to attract investment, boost industrialisation and generate employment in the state.
However, Olokola Free Trade Zone project, a joint initiative involving Ondo and Ogun states, was conceived as a major industrial and economic hub along Nigeria’s coastal corridor.
The project had faced multiple setbacks over the years, including disputes over land ownership, regulatory bottlenecks, and investor withdrawal, stalling its full realisation.
The latest move by the Ondo State Government is seen as part of broader efforts to revive the initiative and restore investor confidence.