CPCS feasibility study unlocks $80M for Nigeria project
African Development Bank grants $80M loan to finance Ekiti Knowledge Zone project following CPCS feasibility and design study.
NIGERIA, Ekiti State – CPCS delivers another impactful feasibility study, triggering this time a positive chain reaction for the Ekiti State Development and Investment Promotion Agency (EKPIDA) who is working to establish a Special Economic Zone, namely the Ekiti Knowledge Zone (EKZ) project.
Early results following CPCS study:
- EKZ project conferred “Free Trade Zone” status by Nigeria’s federal government.
- EKZ project secured over 80% of its estimated budget with $80 million loan from the African Development Bank.
Ekiti Knowledge Zone in brief:
- Focused on attracting investment in the service economy and innovative industries.
- Size of EKZ site: 955 hectares (2,360 acres).
- Expected to create 26,000 jobs and generate $14M annually in net economic benefits.
“Ekiti is on the right path to become an attractive destination for tech firms, entrepreneurs and higher education institutions,” says CPCS senior consultant Phil Spencer, and the feasibility study’s project manager.
Services provided for this feasibility study included market demand and financial analyses, examining legal and regulatory barriers for setting up and operating a SEZ, to scoping potential private sector investors, and estimating the economic impact of the project, among others.
- Catch up quick: A Special Economic Zone provides favourable conditions for businesses and competitive incentives to attract private sector investments.
Feasibility studies for Special Economic Zones
With a rich portfolio exceeding 80 infrastructure projects in Nigeria, encompassing over 15 detailed feasibility studies, CPCS is well versed in the economic, social, and regulatory landscape of this country. This deep understanding allows us to tackle the intricate challenges associated to projects in economic zones, industrial and logistics parks.
Notable CPCS experience:
- Democratic Republic of Congo: Transaction advisory services for PPP in Maluku’s Special Economic Zone
- Ethiopia: PPP implementation strategy for industrial park development
- Ghana: PPP and transaction advisory services for the operation and management of 32 technology facilities in rural areas
- Ghana: PPP feasibility study and transaction advisory services for the development of Accra’s Mallam public market
- Nigeria: Feasibility study for the development of Snake Island’s port and industrial park
- Nigeria: PPP feasibility study and transaction advisory services for the concession of pharmaceutical warehouses
- Nigeria: PPP feasibility study and transaction advisory services in support of Nigeria’s port sector reform
- Tunisia: PPP feasibility study for the Rades port and logistics zone and Gargour-Sfax logistics zone
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- Democratic Republic of Congo: Accelerating a special economic zone in Kinshasa
- Benin: Building its public-private partnerships program
- Harmonized regional PPP framework for ECOWAS
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