President Bola Ahmed Tinubu has directed the development of a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days, as part of efforts to position the country as a hub for global technology and digital services.
The initiative is designed to enable Nigerian technology and service companies to raise international capital, create jobs and serve global markets while keeping their businesses and intellectual property in Nigeria.
Tinubu gave the directive to 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.
The committee is expected to work with the Itana Innovation project to develop the roadmap for the full implementation of the initiative.
The President said the programme would also create opportunities for young Nigerians to work for global companies without relocating abroad, while expanding the domestic ecosystem of engineers, developers, designers, lawyers, accountants and other professionals supporting 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,” Tinubu said.
According to him, the administration wants more of the economic value generated by Nigerian talent to remain within the country through jobs, investments, professional services, intellectual property and the growth of indigenous businesses.
The President said the initiative was necessary because many young Nigerian entrepreneurs had been compelled to register their companies and intellectual property outside the country in order to access international capital and markets.
“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,” he said.
Tinubu added that his administration wants the next generation of African technology, finance and service companies to be established, headquartered and scaled internationally from Nigeria.
The initiative is already taking shape with Itana, described in the statement as Nigeria’s first Digital Free Zone, having secured a licence from the Nigeria Export Processing Zones Authority, NEPZA.
Itana provides a platform for global and pan-African digital and service businesses to establish and operate from Nigeria.
The $500 million Itana Innovation project at Alaro City, Lagos, is being backed by the Africa Finance Corporation.
The project is expected to combine an enabling policy environment with an innovation campus, access to capital and ecosystem services aimed at helping African startups scale while retaining more of the value they generate on the continent.
Tinubu said the government’s vision goes beyond the establishment of technology parks, stressing that Nigerian-based companies should be able to access global markets while maintaining their incorporation, financing, governance and intellectual property within 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,” he said.
The President said the initiative would enable young Nigerians in cities including Kano, Enugu, Warri, Minna, Maiduguri and Ibadan to work for international companies without leaving the country.
He also said Nigerian founders should be able to raise capital globally while retaining their companies and intellectual property 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,” Tinubu said.
The Presidential Steering Committee will continue work on regulatory, taxation, banking, immigration and arbitration issues, as well as the digitisation of government processes within the country’s free zones.
Tinubu said the initiative would also help Nigeria take advantage of the expansion of Africa’s digital economy and the growth of digitally enabled trade under the African Continental Free Trade Area, AfCFTA.
“Nigeria has the talent and the market to reshape Africa’s place in the global technology and digital economy value chain,” the President said.
“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,” he added.
