The African Development Bank (AfDB) Group has greenlit a $80 million loan to support the Ekiti Knowledge Zone project in Nigeria, aimed at fostering digital innovation and entrepreneurship.
The project is expected to generate 26,000 jobs and contribute approximately $14 million annually in net economic benefits. The zone, granted free trade zone (FTZ) status earlier this year, has received approval from the Federal Executive Council (FEC) for a $1.58 billion loan, with $80 million designated from AfDB.
The project aims to attract technology firms and investors, forming a special-purpose vehicle allowing multiple investors to pool financing and jointly manage zone operations. Incentives for private investors include free repatriation of capital, rent-free land during construction, tax holidays, waivers on import/export duties, and expatriate quotas. The total project cost is estimated at $94.8 million, with Ekiti State contributing $14.8 million as counterpart funding. AfDB’s financing will support world-class infrastructure, including a 20-hectare green technology park and essential services infrastructure.
Lamin Barrow, AfDB Director-General for the Nigeria Country Department, emphasized that the project design aligns with the needs of technology firms and investors, drawing lessons from similar bank-financed projects in Cabo Verde and Senegal. The fund is expected to mobilize investments into more than 50 seed and early growth startups, further enhancing the tech ecosystem. AfDB’s active portfolio in Nigeria comprises 48 operations valued at $4.4 billion, spanning both public and private sectors.
Gaming, Gambling Addiction, A Growing Societal Burden Needing Urgent Attention