AfDB Invests $80m To Support Ekiti Knowledge Zone Project
The African Development Bank has disclosed $80 million investment as loan financing for this state-led pioneering special economic zone project, designed to foster linkages between educators, researchers, innovators, entrepreneurs, and industries, all within one location.
Ready to be more than just a project, EKZ seeks to be a place where ideas converge, creativity thrives, and dreams take flight. The Ekiti State Government is committing $14.8 million in counterpart funding to complement the Bank’s financing for the $94.8 million project.
In April 2023, the Federal Government of Nigeria conferred “free zone” status to the project under the Nigeria Export Processing Zones Authority (NEPZA) Act.
The project involves the development of world-class infrastructure, creating a 20-hectare green technology park and providing roads, electricity, water supply and wastewater treatment facilities. It also aims to invest in people, particularly the youth. With plans to provide information and communication technology training for over 19,000 young minds in Ekiti and neighbouring states, the EKZ is sowing seeds of future entrepreneurs and business leaders.
The EKZ further plans to attract businesses, including tech start-ups, business process outsourcing firms, fabrication and production companies, research institutes and corporate back-office operations, to locate in the Zone.
Former Governor of Ekiti State and former Chairman, Nigeria Governors’ Forum, Dr. Kayode Fayemi, noted that, “It is exciting to see that our efforts, which began a few years ago during my tenure to establish Ekiti as the knowledge economy of Nigeria and the preferred destination for innovation, technology, artificial Intelligence, science and digital initiatives, are starting to bear fruit.”
As the EKZ takes shape, it is a testament to the power of collaboration, innovation and foresight. The Ekiti State Governor Biodun Oyebanji said, “It’s a beacon of hope for the youth, a testament to our commitment to fostering innovation, job creation and sustainable economic growth; it is a commitment to a better future for our State and Nigeria."