The African Development Bank (BAD) has announced a groundbreaking initiative, revealing on February 22nd that it will disburse a $80 million US dollar loan for the construction of a world-class technology hub in the state of Ekiti, Nigeria, named the Ekiti Knowledge Zone (EKZ). This innovative space is designed to foster digital innovation and entrepreneurship, akin to the renowned Silicon Valley in the United States.

EKZ aims to establish a conducive ecosystem for the establishment of technology startups, research institutes, tech investors, and back-office operations of businesses. Spanning 40 hectares, the project includes the development of various infrastructures, including a 20-hectare green technology park, roads, housing, and utilities such as electricity and water.

The total cost of the project is estimated at $94 million, with the state of Ekiti contributing $14 million, and the remainder to be funded by the African Development Bank. Through this ambitious venture, Nigeria aspires to generate 26,000 jobs and inject $14 million into the economy annually. A statement from the BAD emphasizes that the investment will also extend to human capital, particularly focusing on the youth. The project includes training programs in information and communication technologies for over 19,000 young people from Ekiti and neighboring states, sowing the seeds for future entrepreneurs and business leaders.

The Ekiti Knowledge Zone holds the promise of transforming the region into a hub of technological innovation and economic growth. With the backing of the African Development Bank, the project not only aims to elevate Nigeria’s status in the global technology landscape but also to nurture a new generation of skilled professionals and entrepreneurs, further contributing to the country’s economic development.