Abuja: Kogi State has formally launched the Ajaokuta Economic City, a project expected to attract between $2 and $5 billion in Foreign Direct Investment (FDI) over the next seven years. Speaking at the ceremony, Governor Ahmed Ododo emphasized the project’s significance in the state’s economic development.
According to News Agency of Nigeria, the event, attended by government officials, private-sector stakeholders, and a delegation from China, marked the operational commencement of the free trade zone, which previously received approval from the Federal Government. The initiative, also referred to as the Kogi-Hunan Free Trade Zone, is described by stakeholders as the most ambitious industrialization effort in Kogi’s history.
Governor Ododo highlighted that the project emerged from extensive technical evaluations and consultations involving the Zhuzhou Municipal Government of Hunan Province, Nigerian institutional partners, and private-sector entities. He also revealed a dedicated security architecture for the Ajaokuta Economic City, underscoring the administration’s commitment to security and collaboration with national agencies.
Governor Ododo addressed criticisms regarding his administration’s visibility, inviting journalists and stakeholders to visit Kogi for an inspection tour starting January 3. He expressed gratitude to development partners and investors, asserting that the Ajaokuta Economic City will transform Kogi into a major industrial and commercial center in Nigeria.
Mr. Salami Inda, Chief Economic Adviser to the Governor and CEO of the Kogi State Investment Promotion and Public Private Partnership Agency (KSIPPA), noted that the free trade zone covers 4,000 hectares, positioning Kogi as a future industrial powerhouse. He acknowledged support from President Bola Tinubu and praised Governor Ododo for his leadership.
The Chinese delegation, led by Mr. Li Zhensheng from the Zhuzhou Municipality of Hunan Province, reaffirmed China’s commitment to the partnership, describing the Ajaokuta Economic City as a strategic long-term investment with significant potential.
Dr. Sanni Ozomata, the Governor’s Technical Adviser, detailed the project’s potential to attract $2-$5 billion in FDI over the next seven years, create 50,000 jobs, and generate $500 million in annual export value within five years. He also outlined plans for a power facility, rail connections, and opportunities in various sectors.
Kogi’s Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, encouraged investors to seize the industrial opportunity, assuring them of a supportive institutional and legislative framework.