In a significant development for Nigeria’s industrial landscape, Kogi State has formally received the Declaration License for the Ajaokuta Economic City Free Trade Zone from the Nigeria Export Processing Zones Authority (NEPZA). This milestone officially launches one of the nation’s strategic industrial corridors, marking a pivotal moment in the state’s economic transformation agenda.
The announcement was made by the Kogi State Commissioner for Information and Communications, Mr. Kingsley Fanwo, in a statement released in Lokoja. According to the commissioner, the certificate was presented to Governor Ahmed Ododo at the NEPZA headquarters in Abuja. The license is anticipated to be a major economic driver, attracting substantial investments and generating thousands of jobs, thereby positioning Kogi for robust industrial growth and economic diversification.
The Ajaokuta Economic City Free Trade Zone is poised to become a catalyst for industrial expansion in the region. Its model follows the proven success of other Nigerian zones like Lekki, Onne, and Eko Atlantic City, which have demonstrated how strategic location, infrastructure, and investor-friendly policies can stimulate business activity, create employment, and enhance exports. By replicating these models, Kogi State aims to diversify local industries, stimulate trade, and strengthen its role within the national industrial framework.
Free Trade Zones, also known as Special Economic Zones, are designated areas with unique legal and regulatory frameworks designed to foster investment. They typically offer incentives such as tax breaks and streamlined customs procedures to create a business-friendly environment. As of early 2023, Nigeria was home to 46 of Africa’s 240 Free Trade Zones, with 30 operational at the time. The number continues to grow as more states seek licenses to spur development.
This development in Kogi State represents a concerted effort to drive sustainable economic growth and improve regional competitiveness. With proper investment and supportive policies, the Ajaokuta Economic City Free Trade Zone has the potential to significantly contribute to diversifying Nigeria’s economy, much like similar initiatives across the continent. This progress occurs alongside other notable national developments, such as the recent Free Wi-fi Launches in various public spaces, and strategic financial moves like Deap Capital signs mou to start minerals and metals financing. It also unfolds against a backdrop of administrative activities, including the FG Issues NOTAM for aviation safety and reports that NIMC, 9 MDAs spend N24 billion on projects, even as there remains Fury S’east Over certain federal allocations and policies.
