ABIDJAN/Ivory Coast: The African Development Bank (AfDB) has pledged $80 million in loan financing for the ambitious state-led project, transformative move aimed at positioning Nigeria’s Ekiti State as a focal point for digital innovation and knowledge-driven economy, the Ekiti Knowledge Zone (EKZ) initiative which is rapidly gaining momentum.
The initiative seeks which to forge vital connections among educators, researchers, innovators, entrepreneurs, and industries within a single dynamic ecosystem.
Described not merely as a development venture but as a crucible for ideas and a launchpad for aspirations, the EKZ represents a convergence point for creativity and ingenuity. Complementing the Bank’s investment, the Ekiti State Government has committed $14.8 million in counterpart funding towards the $94.8 million project.
Elevating its stature further, the project was granted “free zone” status by the Federal Government of Nigeria in April 2023 under the Nigeria Export Processing Zones Authority (NEPZA) Act. This classification unlocks a suite of incentives for potential investors, including land without rent, tax breaks, and import/export duty exemptions, fostering an environment ripe for both investment and innovation.
Encompassing a sprawling 40-hectare expanse, the EKZ aspires to become a focal point for digital entrepreneurship, with projections indicating the creation of 26,000 jobs and an annual injection of $14 million into the economy upon its completion.
The project’s scope encompasses the development of state-of-the-art infrastructure, including a 20-hectare green technology park and essential amenities such as roads, electricity, water supply, and wastewater treatment facilities. Moreover, it emphasizes human capital development, particularly targeting youth empowerment through ICT training for over 19,000 individuals in Ekiti and neighboring states, thereby nurturing the next generation of entrepreneurs and business leaders.
The EKZ aims to attract a diverse array of businesses, ranging from tech startups and business process outsourcing firms to research institutes and corporate back-office operations. Supported by an incubator program offering pre-seed and seed funding through the Ekiti Innovation Fund, the project envisages the formation of a special-purpose vehicle comprising anchor investors from the private sector to manage Zone operations.
What sets the EKZ apart is its focus on innovation, leveraging Ekiti State’s competitive advantage and the presence of five higher education institutions within the Ekiti Education Quadrangle. With over 30 universities in neighboring states, the Zone boasts access to a vast pool of talent.
This initiative aligns seamlessly with AfDB’s Jobs for Youth in Africa Strategy, aimed at bridging academia-industry gaps to nurture entrepreneurial talent and cultivate a skilled workforce tailored to employers’ needs.
Reflecting on the project’s significance, Dr. Kayode Fayemi, former Governor of Ekiti State and former Chairman of the Nigeria Governors’ Forum, remarked, “It is exciting to see that our efforts…to establish Ekiti as the knowledge economy of Nigeria…are starting to bear fruit.”
As the EKZ materializes, it stands as a testament to the potency of collaboration, innovation, and foresight. “It’s a beacon of hope for the youth, a testament to our commitment to fostering innovation, job creation, and sustainable economic growth,” affirmed Ekiti State Governor Biodun Oyebanji.
