President Bola Tinubu has directed the Federal Government to move Nigeria’s Digital Free Zones initiative into full implementation, with a 180-day roadmap for its launch.
Tinubu directed the Minister of Industry, Trade and Investment, Jumoke Oduwole, to work with the Itana Innovation project and the Presidential Steering Committee on Digital Free Zones to develop the implementation roadmap.
The initiative is designed to attract global investment, create jobs and encourage Nigerian technology and service companies to establish and retain their businesses and intellectual property in the country.
This was disclosed in a statement issued on Thursday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to the statement, the initiative will enable Nigerian technology companies to raise capital internationally, employ Nigerians and serve global markets without having to relocate their businesses or intellectual property abroad.
Tinubu said the policy would also create opportunities for Nigerians to work remotely for international companies while supporting the growth of professionals including engineers, developers, designers, lawyers and accountants.
“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,” the President said.
Tinubu established and chairs the Presidential Steering Committee on Digital Free Zones as part of efforts to update Nigeria’s free zone framework for the digital economy.
The statement said the framework, which was established more than three decades ago, is being reviewed to reflect changes in the digital economy.
Itana, described by the Presidency as Nigeria’s first Digital Free Zone, has already been licensed by the Nigeria Export Processing Zones Authority and provides a base for digital and service businesses operating in Nigeria.
The Africa Finance Corporation is backing the $500m Itana Innovation project at Alaro City in Lagos.
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The project is expected to combine policy support, an innovation campus, access to capital and ecosystem services for African startups.
Tinubu said the initiative was intended to make Nigeria a base for companies serving African and international markets rather than focusing only on 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,” he said.
The Presidential Steering Committee will work on issues including regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within free zones.
The President said the initiative would also support Nigeria’s participation in Africa’s growing digital economy and digitally enabled trade under the African Continental Free Trade Area.
He said the government’s objective was to increase the economic value retained in Nigeria through jobs, investment, professional services, intellectual property and the expansion of local businesses.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
