Amanze Chinonye
Nigeria has licensed its first Digital Free Zone, Itana, as part of government efforts to attract technology companies, investment and high-value services and encourage startups to build and scale from the country, Prime Business Africa reports.
The Africa Finance Corporation is backing the $500 million Itana Innovation project in Lagos, which is planned as a campus for startups and digital businesses seeking access to capital, business services and an investment ecosystem, President Bola Tinubu said in a statement.
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Itana was licensed by the Nigeria Export Processing Zones Authority (NEPZA), providing a framework for digital and service companies to establish and operate in Nigeria.
The initiative is being overseen by the Presidential Steering Committee on Digital Free Zones, established to adapt Nigeria’s free-zone framework to the digital economy. Its work covers regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within free zones.
Trade and Investment Minister Jumoke Oduwole, who is vice-chairman and implementation coordinator of the committee, has been directed to work with Itana and the committee on a roadmap for a full launch within 180 days, the statement said.
The government aims to make Nigeria a base for companies serving markets across Africa and globally, while reducing the need for Nigerian entrepreneurs to incorporate businesses and hold intellectual property abroad to access international capital.
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Tinubu said the policy was also intended to create jobs, increase demand for Nigerian professional services and retain more of the economic value generated by technology companies in the country.
“We want African companies to be incorporated in Nigeria, financed here and governed from here, while serving markets across Africa and the world,” Tinubu said.
The initiative forms part of the government’s broader digital-economy agenda, with the president saying Nigeria’s market and technology workforce could allow it to benefit from the expansion of digital trade under the African Continental Free Trade Area.
The government is seeking to position Nigeria as a destination for digital innovation, technology investment, high-value services and knowledge-based industries, according to the statement.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
