The Ekiti Knowledge Zone (EKZ) took a bold step to transform the region into a hub for digital innovation and knowledge economy.
The African Development Bank has committed $80 million in 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.
The Ekiti State Government is committing $14.8 million in counterpart funding to complement the Bank’s financing for the $94.8 million project.
EKZ promises to be a place where ideas converge, creativity thrives, and dreams take flight. In April 2023, the Federal Government of Nigeria conferred “free zone” status to the project under the Nigeria Export Processing Zones Authority (NEPZA) Act. This designation unlocks a plethora of incentives for private investors, including rent-free land, tax holidays and import/export duty waivers, fueling an environment ripe for investment and innovation.
Spanning 40 hectares of land, the EKZ 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 seeks 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.
An incubator program will support promising start-ups through pre-seed and seed funding to be provided by the Ekiti Innovation Fund. The project will attract anchor investors from the private sector to form a special-purpose vehicle that allows multiple investors to pool financing and manage the operations of the Zone.
