President Bola Ahmed Tinubu has directed the Federal Government to develop a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days.
The directive was given to the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, who serves as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.
According to a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the initiative is designed to help Nigerian technology and service companies raise global capital, employ Nigerians and serve international markets without relocating their businesses and intellectual property abroad.
Tinubu said the government wants more of the economic value created by Nigerian talent to remain in Nigeria through jobs, investment, professional services, intellectual property and the growth of Nigerian businesses.
He also said the initiative should allow Nigerians to work for global companies from within the country while strengthening the local ecosystem for engineers, developers, designers, lawyers, accountants and other professionals supporting digital businesses.
Itana Already Licensed as Digital Free Zone
The Digital Free Zones initiative is already taking shape through Itana, which the Presidency described as Nigeria’s first Digital Free Zone.
Itana has been licensed by the Nigeria Export Processing Zones Authority (NEPZA) to provide a platform for global and pan-African digital and service businesses to establish and operate from Nigeria.
The Itana Innovation project in Alaro City, Lagos, is backed by the Africa Finance Corporation with a reported $500 million project value. The project is expected to combine an innovation campus with access to capital and ecosystem services for African startups.
Tinubu said the government’s ambition goes beyond developing technology parks, with a focus on enabling African technology, finance and service companies to be incorporated, financed and governed from Nigeria while serving markets across Africa and globally.
Government to Review Regulatory Framework
The Presidential Steering Committee on Digital Free Zones will work with relevant stakeholders on areas including regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.
The initiative is also intended to modernise the country’s free-zone framework to accommodate businesses operating in the digital economy.
Tinubu said young Nigerians in cities including Kano, Enugu, Warri, Minna, Maiduguri and Ibadan should be able to work for global companies without having to leave the country.
The government has also linked the Digital Free Zones initiative to Nigeria’s broader efforts to expand services exports and participate in the growth of Africa’s digital economy and digitally enabled trade under the African Continental Free Trade Area.
The 180-day roadmap is expected to provide the framework for moving the Digital Free Zones initiative into full implementation
