Nigeria’s Ekiti State, supported by the African Development Bank (AfDB), is embarking on the Ekiti Knowledge Zone (EKZ) initiative, which aims to create an ecosystem where educators, researchers, innovators, entrepreneurs, and industries converge to drive transformative change.
The AfDB has committed $80 million in loan financing for the EKZ, which is complemented by a $14.8 million funding from the Ekiti State Government, the total investment stands at $94.8 million. This funding will fuel the development of world-class infrastructure and initiatives aimed at fostering digital entrepreneurship and job creation.
Recognising the potential of the EKZ to help economic growth, the Federal Government of Nigeria has granted the project “free zone” status under the Nigeria Export Processing Zones Authority (NEPZA) Act in April 2023. This designation unlocks a range of incentives for private investors, fostering an environment conducive to investment and innovation.
Spanning 40 hectares of land, the EKZ is poised to generate 26,000 jobs and inject $14 million annually into the economy upon completion. The project covers the development of a 20-hectare green technology park and the provision of essential infrastructure such as roads, electricity, water supply, and wastewater treatment facilities.
Moreover, the EKZ strongly focuses on human capital development, particularly targeting the youth. Plans are underway to provide information and communication technology training for over 19,000 young individuals in Ekiti and neighbouring states, nurturing the next generation of entrepreneurs and business leaders.
The EKZ aims to attract a diverse array of businesses, including tech start-ups, business process outsourcing firms, research institutes, and corporate back-office operations. An incubator program supported by the Ekiti Innovation Fund will provide vital pre-seed and seed funding to promising start-ups, fostering a culture of innovation and entrepreneurship within the Zone.
One of the distinguishing features of the EKZ is its strategic location within the Ekiti Education Quadrangle, home to five higher institutions. Leveraging this academic prowess, the project seeks to link academia and industry, nurturing talent and fostering a skilled workforce tailored to meet employers’ needs.
Former Governor of Ekiti State, Dr. Kayode Fayemi, was excited about the project, highlighting its potential to position Ekiti as a knowledge economy powerhouse. Current Governor Biodun Oyebanji echoed this sentiment, noting the EKZ’s role in fostering innovation, job creation, and sustainable economic growth.
The Ekiti Knowledge Zone project is expected to be a beacon of hope for the youth and proof to the state’s commitment to driving innovation and shaping a brighter future for Nigeria.
APO Group
By Derrick Kafui Deti – Digital Economy Magazine
