Kogi eyes $500m FDI, 50,000 jobs from trade zone

Kogi State Governor, Ahmed Ododo, has led Chinese and international partners to unveil the Ajaokuta Economic City, a new Free Trade Zone (FTZ) projected to attract $500 million in annual foreign direct investment (FDI) and create 50,000 jobs.

Speaking at the stakeholders’ engagement held at the Transcorp Hilton in Abuja, Ododo said “the project marks a new chapter in Kogi’s industrial growth.”

He thanked President Bola Tinubu for granting timely approval and supporting the initiative.

The governor assured investors of a strong security framework for the FTZ and emphasized the role of higher institutions in the state in providing the required skilled manpower.

“Today, we plant the seed of generational prosperity. Kogi State is the beating heart of Nigeria.

We don’t talk. We do,” he said.

The Chief Economic Adviser to the Governor and Chief Executive Officer of Kogi State Investment Promotion and Public Private Partnership Agency (KOSIPPPPA) Aliyu Inda Salami, had earlier in his remarks, said the Ajaokuta Economic City reflects governor’s commitment to ensuring that “Kogi’s resources work for the people.”

 Salami noted that the 4,000-hectare site had already been approved with strategic advantages including power infrastructure, rail lines, inland waterways, and multi modal transportation links.

He confirmed that the project had received full presidential approval, adding that the groundwork for the first phase had been completed.

Also speaking, head of the Chinese delegation, Mr. Li Zhensheng, described the Kogi-Hunan Free Trade Zone as a flagship achievement of the Kogi–Hunan Sister City partnership.

He said China is ready to deploy industrial expertise to support manufacturing, logistics, and technology transfer within the zone.

Similarly, Mr. Hasan GÜNGÖR, GM of ÖZTÜRK HOLDING CO LLC, Turkey expressed readiness to invest in oil, gas, and logistics.

He assured that his company would adopt funding models that place “zero burden on government.”

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The Technical Adviser to the Governor, Dr. Sanni Abdullahi Ozomata, outlined the project’s economic impact, saying it is designed as a one-stop industrial ecosystem.

Ozomata highlighted key incentives including 100per cent capital repatriation, tax exemptions, sector-specific investment windows, and educational exchange programmes with Hunan Province.

He projected that the Free Trade Zone will generate up to $500 million in annual Foreign Direct Investment and create 50,000 direct and indirect jobs.

Goodwill messages from the Nigeria Investment Promotion Council (NIPC), Nigeria Export Processing Zones Authority (NEPZA), the Central Bank of Nigeria (CBN), the North Central Development Commission, and the Ministry of Finance and other stakeholders described the project as a major endorsement of the Federal Government’s Renewed Hope Agenda.

Key highlight of the event was the signing of the administrative framework for the Free Trade Zone.

The agreement was signed by Aliyu Salami for the Kogi State Government, Mr. Li Zhensheng for Zhuzhou Municipality, and Alhaji Isyaku Rabiu of IRS Group as a development partner.

The event brought together investors from Nigeria, China, Turkey, and other countries to explore opportunities within the Kogi–Hunan Free Trade Zone.