The African Development Bank (AfDB) Group has approved an $80 million loan to fund the Ekiti Knowledge Zone project in the country. This is according to a statement on the bank’s website.
According to the bank goal of the initiative is to promote digital innovation and entrepreneurship, and it targets the creation of 26,000 jobs and contributing an estimated $14 million in net economic benefits each year.
Objectives of the project
The bank explained that the project sought to attract diverse businesses such as tech startups, business process outsourcing firms, fabrication and production companies, research institutes and corporate back-office operations to locate in the zone.
Also, it stated that part of the project will be the establishment of the Ekiti State Innovation Fund to provide funding to early-stage startups.
- It stated, “The project also advances government-enabling policies and establishment of the Ekiti State Innovation Fund to provide pre-seed and early growth stage funding to promote entrepreneurship, innovation, and investment. The Fund is expected to mobilize investments into more than 50 seed and early growth start-ups.”
- The Ekiti Knowledge Zone targets more than 19,000 youth and seeks to attract investment commitments from at least fifteen firms with the potential to generate revenues of about $10.8 million.”
Part of the infrastructure to be built in the zone includes; a 20-hectare green technology park and such services infrastructure as roads, electricity, water supply and wastewater treatment facilities.
There will also be training on ICT which will in the long run nurture talents and promote entrepreneurship among young people.
The total cost of the projects stands at $94 million, while the AfDB will contribute $80 million, the Ekiti state government will contribute the balance $14 million as counterpart funding.
AfDB official speaks
- The AfDB’s Group Director General of the Nigeria Country Department, Lamin Barrow said of the project, “The Ekiti Knowledge Zone Project design responds to the requirements of technology firms and prospective investors as indicated during the preparation phase, lessons learnt from similar Bank-financed projects such as the Cabo Verde and Senegal technology parks, and drew insights from good practices of similar initiatives in the continent and globally.”
