News Update
President Bola Tinubu has given the green light for the establishment of the Ajaokuta Economic City Free Trade Zone in Kogi State, marking a significant boost to Nigeria’s industrial revival efforts.
The formal license for the 4,000-hectare multi-sectoral economic city was presented to Kogi State Governor Usman Ododo on Thursday in Abuja by Dr. Olufemi Ogunyemi, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA).
The approval, initially authorized by President Tinubu in November 2025, follows intensive advocacy by Governor Ododo and due diligence processes involving NEPZA committees. It aims to unlock the untapped potential of Nigeria’s steel sector and solid minerals, positioning Ajaokuta as a major economic hub in West Africa.
Governor Ododo described the development as a “historic turning point” for Kogi State and the nation’s industrialization drive.
He emphasized Kogi’s strategic location bordering about 10 commercial centers, including the Federal Capital Territory and its abundant mineral resources (over 30 in commercial quantities, including coal, iron ore, lithium, gold, and beryllium).
“This free trade zone would serve as a catalyst for economic transformation… We have come to show the entire world that we are ready to kick-start this project. We are ready to welcome foreign direct investment and local investors into Kogi State,” Ododo stated while receiving the certificate.
He highlighted synergies with the ongoing revival of the Ajaokuta Steel Complex, noting that investors are currently assessing the plant, with expectations it will be operational before the end of the year.
“With the coming of this free trade zone, the project will advertise itself and add to the economic sustainability of our nation,” he added.
Dr. Ogunyemi described the licensing as “the beginning of a long journey,” pledging NEPZA’s continued support as a one-stop shop for regulation and facilitation. He noted that the zone, modeled on global best practices, will promote exports, attract investments, create jobs, and foster downstream industries such as steel fabrication, mining, manufacturing, and logistics.
The initiative complements federal efforts to revitalize Ajaokuta Steel—long dormant despite massive investments and expand special economic zones across Nigeria, now totaling around 46. Governor Ododo actively wooed investors, inviting both local and foreign players to explore opportunities and assuring security, infrastructure support (including plans for an international airport near Abuja to handle overflow traffic), and a conducive environment.
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This landmark step aligns with President Tinubu’s Renewed Hope Agenda for economic diversification, industrial growth, and job creation, potentially transforming the Ajaokuta axis into a commercial nerve center and reducing reliance on imports through enhanced local production.