The Africa Development Bank announced the approval of an $80 million loan to fund the Ekiti Knowledge Zone (EKZ) Project in Ekiti State, Nigeria.
The loan will cover 85% of the $94 million budgeted to undertake the project with the Ekiti State government contributing the outstanding $14 million as counterpart funding.
Here’s what you should know about the project:
- The Ekiti Knowledge Zone is a master planned city development project located in Ekiti State, Nigeria. The aim of this project is to create a vibrant and conducive ecosystem for innovative technology companies and startups in line with the Sustainable Development Goals of the United Nations and the four-point agenda outlined by the State Governor.
- The development is expected to be rolled out in two phases. The first phase, which is currently in planning, will be located on 955.56 hectares of land between Ado-Ekiti to Ijan Ekiti and Ise Ekiti. The EKZ site is adjacent to the proposed Ekiti cargo airport and within close proximity to Afe Babalola University and Federal Polytechnic Ado Ekiti within a 20-kilometer radius of Ado-Ekiti, the State Capital.
Source: Africa Development Bank (AfDB)
- The project will be undertaken as a Public-Private Partnership with the Ekiti State Government providing land, and the required infrastructure to make the site conducive for investors and stakeholders. The city is expected to comprise blocks of offices with mixed development of bungalows and multi-storey buildings will be constructed for administrative services. In addition, it will comprise up to 856 housing units including:
- 496 units of three-bedroom terrace bungalow,
- 256 units of two-bedroom terrace bungalow, and
- 104 units of one bedroom terrace bungalow.
The Ekiti Knowledge Zone is one of several master planned city developments being delivered across the continent.
In Nigeria, it offers similar features to Alaro City located within the Lekki Free Zone in Epe, Lagos in terms of creating a conducive environment for promoting technological innovation.
According to our new cities factsheet, private developers and governments across Africa are backing over 2 billion sqm in new city projects worth over $514bn (with government funding accounting for 47.8%), to cater to the region’s growing urban centres.
Source: Estate Intel
However, a key setback of city developments is the high amount of capital required to execute the project, which often increases during the development. Thus, leading to delayed or canceled projects.
Estate Intel loves your feedback! Let the Insights team know what you think about the Ekiti Knowledge Zone Project by emailing insights@estateintel.com.
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