Basic Project Information

• The Ekiti State Government is embarking on a 955 hectare project called The Ekiti Knowledge Zone (“EKZ” or “The Zone”), designed to operate as an officially designated Special Economic Zone, focused on the service economy and innovation
• The vision of EKZ is to become the leading destination for innovation in Nigeria, and the first purpose-built special economic zone focused on services.
• The Zone leverages Ekiti State’s position as the intellectual capital of Nigeria, boasting of an impressive literacy rate, and the largest pool of professors and academics per capita. EKZ is designed to be a hub comprising of companies and institutions focused on education, training, design, software development, engineering, research & development, and the growing startup community in Nigeria

EKZ Deal Structure

• The Ekiti State Government is embarking on a 955-hectare project designed to operate as an officially designated Special Economic Zone, with a focus on the service economy
• The development shall be structured as a Public-Private Partnership, with Ekiti State Government providing land, and the required infrastructure to make the site conducive for the Knowledge Zone. The State Government’s equity shall be determined by the valuation of the land, and verifiable project preparation costs borne by EKSG. In addition to the Government role, the partners in the development of the EKZ will include
  • A private sponsor who will be required to provide capital and demonstrate the technical capacity to Build and Operate the Knowledge Zone
  • The Nigerian Special Economic Zone Company
  • Development Finance Institutions
• The interested shareholders will invest through a Special Purpose Vehicle (SPV) that will manage the assets and investments of the Knowledge Zone.
• The total cost is estimated to be $100m but can be developed in eight zones that will cost $12.5m each
• An Ekiti Knowledge Zone Authority (EKZA) will be established by Law with clear powers and authorities that allow it to operate in a self-sustaining manner. EKZA will regulate and set standards for all operations in the EKZ as well as license and register all entities in the EKZ.
• In addition to this, EKZA will receive Special Economic Zone status from the Federal Government, to ensure the applicable incentives in existing SEZs apply in EKZ.

EKZ Offtake

• The off-takers/tenants within the Knowledge Zone include, but are not limited to the following types of businesses:

1. Private Universities and Secondary Schools
2. Public Schools - Model UBEC College etc.
3. Technology Campuses - Google, Microsoft, Andela, African Leadership University etc.
4. Business Process Outsourcing Hubs - ISON BPO, Tek Experts etc.
5. Back Office Operation Sites - Interswitch, PAGA, Flutter Wave, Paystack etc.
6. Coworking Spaces - WorkStation, LeadSpace etc.
7. Fabrication and Production Factories - Zinox, Zipline, GOKADA etc.
8. Research Institutes - IITA, NISER etc.
9. Learning and Development Facilities - WorkForce, Phillips Consulting etc.