Kogi unveils free trade zone, set to attract $2–$5bn FDI in 7 years

Folalumi Alaran in Abuja

The Kogi State government on Tuesday formally unveiled the Ajaokuta Economic City projected to attract between $2-$5 billion in Foreign Direct Investment (FDI) inflows to Nigeria in seven years.

Speaking at the ceremony in Abuja, Gov. Ahmed Ododo said the unveiling represented a monumental milestone in the economic evolution of the state.

Ododo said that the Economic City would redefine how Kogi participated in national and global commerce.

The event, attended by government officials, private-sector players and a Chinese delegation, signalled the operational takeoff of the free trade zone earlier approved by the Federal Government.

The project also known as the Kogi–Hunan Free Trade Zone, marks what stakeholders described as the single most ambitious industrialization drive in the state’s history.

“Today we unveil the Ajaokuta Economic City, a project whose scale, purpose and transformative potential places it among the most visionary economic undertakings in the history of our nation”, Ododo said.

He explained that the free trade zone was the result of rigorous multi-level engagements.

This, he said included technical evaluations and consultations with the Zhuzhou Municipal Government of Hunan Province, Nigeria’s institutional partners and private-sector players.

He announced that the state had designed a dedicated security architecture for the Ajaokuta Economic City.

“For my administration, security remains an uncompromising priority.

“We have strengthened intelligence operations, enhanced surveillance systems and deepened our collaboration with national security agencies.

“The Ajaokuta Economic City will operate under a dedicated security framework to protect life, infrastructure and capital,” he maintained.

Ododo stated that investment only thrived in secure environments, adding that Kogi was determined to guarantee this at every stage of the project’s development.

He also used the unveiling to dismiss critics who question the visibility of his administration’s achievements.

“Our projects are not audio. This is what we are doing in Kogi State. Some people are making noise saying Ododo is not talking, he is not working.

“I am not supposed to blow my trumpet, but from now I have less than three years in office. My mission is to serve my people,” he said.

The governor invited journalists and stakeholders to Kogi beginning January 3 for what he called an unprecedented three-week inspection and commissioning tour.

Governor Ododo expressed gratitude to development partners, investors and citizens, noting that the Ajaokuta Economic City is “a seed of generational prosperity” that will position Kogi as a major industrial and commercial hub in Nigeria.

In his opening remarks, Mr Salami Inda, Chief Economic Adviser to the Governor and CEO of the Kogi State Investment Promotion and Public Private Partnership Agency (KSIPPA), said the free trade zone sits on 4,000 hectares of land, positioning Kogi as a future industrial powerhouse.

“We have received presidential approval for the Ajaokuta Economic City, and today we are unveiling a major step in the journey toward industrialising Kogi State,” Inda said.

He thanked President Bola Tinubu for his support and commended Governor Ododo for leading the team from the front.

Inda said the project was designed to expand Kogi’s revenue base, stimulate large-scale industrial investment and accelerate the state’s integration into global value chains.

In his keynote speech, the Chinese delegation, led by Mr Li Zhensheng from the Zhuzhou Municipality of Hunan Province, reaffirmed China’s commitment to the partnership.

Zhensheng said the collaboration under the Kogi–Hunan Sister Province Relationship was a strategic long-term investment in industrial development, technology transfer and trade expansion.

He described the Ajaokuta Economic City as “a flagship cooperation project with massive potential for joint prosperity.”

Delivering the technical presentation, the Governor’s Technical Adviser, Dr. Sanni Ozomata, said the Ajaokuta Economic City was positioned to transform Kogi into a self-reliant industrial hub.

Ozomata said “in the next seven years, the Kogi Free Trade Zone is projected to attract between $2 billion and $5 billion in foreign direct investment.

“The zone will create a minimum of 50,000 direct and indirect jobs, with Phase One alone targeting 10,000–15,000 jobs,” he said.

He further projected $500 million in annual export value within five years, establishment of a 100-megawatt power facility, development of a rail connection to national lines, and extensive opportunities in agro-processing, logistics, mining, manufacturing, technology and innovation.

Ozomata also highlighted Kogi’s strategic advantage as Nigeria’s central logistics hub, bordered by ten states and the Federal Capital Territory, and blessed with some of the country’s richest mineral and agricultural resources.

In his goodwill message, Kogi’s Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, also urged investors to take advantage of what he called a once-in-a-generation industrial opportunity.

“Kogi State has provided the institutional and legislative framework to guarantee investment success. Returns will be strong, sustainable and secure.

“If Dangote, Mangal and others are in Kogi, why are you not yet in Kogi? he added.