The African Development Bank has pledged $80 million to finance the pioneering Ekiti Knowledge Zone (EKZ) in Nigeria’s Ekiti State, which aims to be a hub for digital innovation and technology.
The state-led special economic zone will bring together educators, researchers, entrepreneurs and industries to foster creativity and growth. Ekiti State is contributing $14.8 million in funding along with the Bank’s financing for the $94.8 million project.
In April 2023, Nigeria granted the EKZ “free zone” status under the Nigeria Export Processing Zones Authority Act. This unlocks incentives like tax breaks to attract investment and innovation.
The 40-hectare EKZ will catalyze digital entrepreneurship and create 26,000 jobs, generating $14 million annually upon completion. Infrastructure like a technology park, roads and utilities will enable businesses to locate in the zone.
“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,” said former Ekiti Governor Kayode Fayemi.
The zone will nurture startups through the Ekiti Innovation Fund and skills through ICT training for 19,000 youths. Ekiti’s five universities provide talent and research capabilities.
“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,” said Governor Biodun Oyebanji.
The African Development Bank’s funding aligns with its Jobs for Youth in Africa Strategy to link academia and industry. As the EKZ takes shape, it demonstrates the power of collaboration and innovation.
