Kogi State has officially secured the Declaration License for the Ajaokuta Economic City Free Trade Zone, signaling the formal take-off of one of Nigeria’s strategic industrial corridors.
The disclosure was made in a statement by the Kogi Commissioner for Information and Communications, Mr. Kingsley Fanwo, on Thursday in Lokoja, as reported by the News Agency of Nigeria (NAN).
The license, issued by the Nigeria Export Processing Zones Authority (NEPZA), is expected to attract significant investments and create thousands of jobs across the state, positioning Kogi for industrial growth and economic diversification.
According to Fanwo, the certificate was presented to Governor Ahmed Ododo at NEPZA Headquarters in Abuja, marking a historic milestone in Kogi’s economic transformation agenda.
The commissioner described the Ajaokuta Economic City Free Trade Zone as a major economic driver for the state, with potential to position Kogi as a key player in Nigeria’s industrial sector.
The development is anticipated to attract businesses and industries that will boost Kogi’s economy for years to come.
The Ajaokuta Economic City Free Trade Zone could become a catalyst for industrial growth in Kogi State, following the success of zones like Lekki, Onne, and Eko Atlantic City. These areas have demonstrated how strategic location, infrastructure, and investor-friendly policies can attract businesses, create jobs, and boost exports.
As of February 2023, Nigeria had 46 of Africa’s 240 Free Trade Zones, with 30 operational at the time, and the number expected to grow as more states apply for licenses.
By replicating these models, Ajaokuta Free Trade Zone can diversify local industries, stimulate trade, and strengthen Kogi’s role in Nigeria’s industrial landscape, driving sustainable economic growth and regional competitiveness.
Free Economic Zones, also called Special Economic Zones or Free Trade Zones, are designated areas with special legal and regulatory frameworks designed to attract investment and stimulate industrial growth. They provide incentives such as tax breaks, simplified customs, and streamlined regulations to create a more business-friendly environment.
With proper investment and supportive policies, zones like the Ajaokuta Economic City Free Trade Zone can help diversify Nigeria’s economy and replicate the success of similar initiatives across Africa.