The African Development Bank has committed $80 million in loan financing to the Ekiti Knowledge Zone (EKZ) project aimed at transforming the region into a hub for digital innovation and knowledge economy.
Spanning 40 hectares of land, the Ekiti state-led pioneering special economic zone project is designed to foster linkages between educators, researchers, innovators, entrepreneurs, and industries, all within one location.
Ekiti State Government is committing $14.8 million in counterpart funding to complement the AfDB’s financing for the $94.8 million project which aims to catalyse digital entrepreneurship, promising to generate 26,000 jobs and inject $14 million annually into the economy upon completion.
The project entails the development of world-class infrastructure, creating a 20-hectare green technology park and providing roads, electricity, water supply and wastewater treatment facilities.
It will also 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 aligns with the development finance institution’s Jobs for Youth in Africa Strategy, which seeks to promote linkages between academia and industry to nurture entrepreneurship talents and develop a skilled workforce matching employers’ needs.
Commenting on the initiative during the project launch, former Governor of Ekiti State, Dr. Kayode Fayemi, said: “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.”
Similarly, the incumbent Governor, Biodun Oyebanji, described the EKZ project as “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.”
It would be recalled that in April 2023, the Federal Government of Nigeria conferred “free zone” status to the project under the Nigeria Export Processing Zones Authority (NEPZA) Act as part of its fiscal policies to offer incentives for private investors, including rent-free land, tax holidays and import/export duty waivers, fueling an environment ripe for investment and innovation
