President Bola Tinubu
The Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City, Lagos
President Bola Ahmed Tinubu has moved Nigeria’s Digital Free Zones initiative to its next phase, as the Renewed Hope administration seeks to make it easier for Nigerian technology and service companies to raise global capital, employ Nigerians and build for international markets without moving their businesses and intellectual property abroad.
The President said the initiative will also create opportunities for more young Nigerians to work for global companies from Nigeria and expand the domestic ecosystem of engineers, developers, designers, lawyers, accountants and other professionals who provide services to growing digital businesses.
“Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world. Our responsibility as a government is to ensure that Nigerians do not have to leave Nigeria or rely on other jurisdictions to realise that potential,” President Tinubu said.
He said the government wants more of the economic value created by Nigerian talent to remain in the country through jobs, investment, professional services, intellectual property and growing Nigerian businesses.
President Tinubu has consequently directed the Minister of Trade and Investment, Dr Jumoke Oduwole, in her capacity as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones, to work with the Itana Innovation project and the Committee to develop the roadmap for the full launch of the initiative within 180 days.
The President established and chairs the Presidential Steering Committee on Digital Free Zones as part of efforts to modernise Nigeria’s free zone framework, created more than three decades ago, for the requirements of the digital economy.
“For too long, some of our most promising young entrepreneurs have felt compelled to establish their companies and intellectual property abroad to access global capital and markets. I do not accept that this must remain the case.
“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” the President said.
The initiative is already taking shape with Itana, Nigeria’s first Digital Free Zone, now licensed by the Nigeria Export Processing Zones Authority (NEPZA) and providing a platform for global and pan-African digital and service businesses to establish and operate from Nigeria.
The Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City, Lagos. The project will combine an enabling policy environment with an innovation campus, access to capital and ecosystem services designed to help African startups build at scale and retain more of the value they create on the continent.
President Tinubu said the administration’s ambition extends beyond developing technology parks.
“We want African companies to be incorporated in Nigeria, financed here and governed from here, while serving markets across Africa and the world.
“I want a young Nigerian in Kano, Enugu, Warri, Minna, Maiduguri or Ibadan to be able to work for a global company without leaving home, and I want our founders to raise capital globally while their companies and intellectual property remain in Nigeria.
“When these businesses grow here, they employ Nigerians, use Nigerian professional services and retain more of the value they create in our economy,” he said.
The Presidential Steering Committee will continue its work across regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.
President Tinubu said the initiative will also position Nigeria to take advantage of the rapid expansion of Africa’s digital economy and the growth of digitally enabled trade under the African Continental Free Trade Area.
“Nigeria has the talent and the market to reshape Africa’s place in the global technology and digital economy value chain.
“This is what our Renewed Hope commitment to a digital economy looks like in practice, and this is how we transform reform into opportunities.
“We made a promise to Nigerians. We are keeping it,” President Tinubu said.
