The Federal Executive Council (FEC) has approved an $80 million loan from the African Development Bank (AfDB) for the Ekiti Knowledge Zone (EKZ) project. This approval marks a significant milestone in utilising technology and innovation for sustainable economic growth and improving livelihoods in Ekiti State.
The EKZ project was conceived by the immediate past Governor of the state, Dr. Kayode Fayemi, as a visionary leap toward a knowledge-based economy in Ekiti State, aimed at harnessing intellectual capital for accelerated development.
The current administration, led by Governor Biodun Oyebanji, is continuing and expanding this project to position Ekiti State’s Knowledge Zone as a hub for attracting and integrating ideas, talents, and innovations within the state and Nigeria. This will be achieved by creating a conducive environment that enables entrepreneurs to develop, prototype, and scale their solutions.
The Ekiti Knowledge Zone leverages technology for scientific research, industrialisation, innovative services, and aims to attract business process outsourcing companies and the back-office teams of large tech firms.
The loan will support the Government of Ekiti State’s efforts to drive innovation, create job opportunities, develop the digital ecosystem, foster research and development, facilitate the growth of technology startups, and enrich the lives of students, youths, entrepreneurs, and innovators in the state.
The state government encourages all stakeholders to support its efforts in creating an environment where the full potential of individuals can be harnessed to contribute to the growth of both the state and the nation as a whole.
The Government of Ekiti State remains committed to working closely with the African Development Bank to ensure strict compliance with all terms and conditions associated with the loan.
