Chinese investors have officially commenced the development of the Kogi Free Trade Zone (KFTZ), a landmark project aimed at boosting economic activities in North Central Nigeria. Naija247news reports that the project, which was launched on Tuesday, is expected to attract over $500 million in investments and create thousands of jobs for Nigerians.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, the KFTZ, located in Lokoja, Kogi State, will serve as a hub for manufacturing, logistics, and export-oriented industries. The Chinese consortium, led by the China-Africa Development Fund (CADFund), has pledged to provide funding, technical expertise, and infrastructure for the project. “This is a transformative initiative that will unlock the economic potential of Kogi State and the entire region,” said a spokesperson for the Chinese investors.
Naija247news gathered that the Kogi State Government has allocated over 1,000 hectares of land for the project, with plans to develop world-class facilities, including industrial parks, warehouses, and a modern seaport. The free trade zone is expected to attract both local and international businesses, particularly in the agro-processing, mining, and manufacturing sectors.
Naija247news understands that the project is part of a broader partnership between Nigeria and China to promote economic development and bilateral trade. According to Naija247news, the KFTZ will benefit from China’s Belt and Road Initiative (BRI), which aims to enhance global trade and infrastructure development.
The launch of the KFTZ has been welcomed by stakeholders, who see it as a game-changer for Kogi State and Nigeria as a whole. “This project will create jobs, attract investments, and position Kogi as a key player in Nigeria’s economic landscape,” said Kogi State Governor, Yahaya Bello, during the groundbreaking ceremony.
According to Naija247news, the Chinese investors have also pledged to prioritize local content and ensure that Nigerians benefit from the project. “We are committed to empowering local communities and creating opportunities for Nigerian businesses,” said a representative of the CADFund.
Naija247news reports that the KFTZ is expected to be completed in phases, with the first phase scheduled for completion by 2026. The project is also expected to boost Nigeria’s non-oil exports and reduce the country’s reliance on oil revenues.
As the development of the KFTZ kicks off, Naija247news gathered that there is growing optimism about the project’s potential to transform Kogi State and the North Central region. “This is a historic moment for Kogi State. We are excited about the opportunities this project will bring,” said a resident of Lokoja who spoke to Naija247news.
Naija247news will continue to monitor the progress of the KFTZ and provide updates on key developments. For now, the launch of the Kogi Free Trade Zone marks a significant milestone in Nigeria’s quest for economic diversification and sustainable development.
