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AfDB Approves Fund for Ekiti Knowledge Zone Project

November 28, 2023 • 2 min read

The African Development Bank Group has approved an $80 million to fund the Èkìtì Knowledge Zone (EKZ) project.

EKZ aims to foster digital innovation & entrepreneurship, create 26,000 jobs, and contribute about $14 million annually in net economic benefits.

Initiated by former Governor Kayode Fayemi, the EKZ project seeks to transform Ekiti into a knowledge-based economy.

Under the leadership of Governor @biodunaoyebanji, the project is being expanded to position Ekiti as a hub for attracting and integrating ideas, talents & innovations.

EKZ, a federally supported and state-driven Special Economic Zone, offers fiscal incentives to draw private sector investment into digital technology and the knowledge economy value chains.

The project will attract technology firms & investors, establishing an SPV to pool financing and manage Zone operations.

EKZ aims to draw tech start-ups, business process outsourcing firms, fabrication and production companies, research institutes and corporate back-office operations.

The Èkìtì Knowledge Zone’s incubator programme will support startups with pre-seed and seed funding and provide skill enhancement training in ICT for youths in Èkìtì and neighbouring states.

The total project cost is estimated at $94.8 million, with the Èkìtì State Government providing $14.8 million in counterpart funding.

EKZ targets more than 19,000 youth & and aims to attract investment commitments from at least 15 firms, generating revenues of about $10.8 million.

The bank’s financing will leverage other development partners’ programmes and bolster the development of world class infrastructure, including a 20-hectare green technology park and services infrastructure like roads, electricity, water supply, and wastewater treatment facilities.

The project will provide ICT training to youth, nurture innovation and enhance entrepreneurial skills.

It advances govt enabling policies and establishes the Èkìtì State Innovation Fund to provide pre-seed & early growth stage funding for entrepreneurship, innovation, and investment.

Granted “free zone” status by the Federal Government, the zone offers incentives such as free repatriation of capital, profits, and dividends for foreign investors, rent-free land during construction, tax holidays, waivers on import/export duties, and expatriate quotas.

The Government of Èkìtì State continues to lead as a model sub-national government with a commitment to creating an attractive destination for innovation, technology, work, living, and investment.