Established in Lagos, Africa’s first digital economic zone is designed as an online jurisdiction serving as a gateway for global businesses looking to set up operations in Nigeria.
In an initiative to propel the black continent into the digital age, the Africa Finance Corporation (AFC) has partnered with Itana to create the continent’s first-ever digital economic zone. The announcement was made during the Global Africa Business Initiative (GABI) on the sidelines of the United Nations General Assembly in New York, APA learned this Friday.
The Itana Digital Economic Zone, located in Lagos, Nigeria, is designed as an online jurisdiction serving as a gateway for global businesses looking to set up operations in Nigeria. It will offer a legal and fiscal framework optimized for the digital economy, accompanied by incentives for immigration and banking services, explains the document.
The project, whose first phase is estimated to cost around $100 million, will include a green technology campus in Lagos, a startup accelerator program called Accelerate Africa, as well as support infrastructure for technology, finance and technology companies. services.
The AFC will play a crucial role in the development of the project. It is committed to financing the development of the project, leading the financing of phase 1, and supporting the deployment of the digital economic zone for global and pan-African businesses. Samaila Zubairu, CEO of the AFC, highlighted the importance of this initiative, calling it a crucial step towards creating a thriving hub for the African digital economy.
Itana, Nigeria’s first licensed digital economic zone management company, recently launched an innovative app. This platform allows businesses to join the Itana community, access services such as business visa facilitation, open local bank accounts, and register as a Free Zone Enterprise (FZE). ).
Luqman Edu, CEO of Itana, expressed the ambition to make Itana to Nigeria and Africa what Delaware and Silicon Valley are to the United States, DIFC to Dubai, and e-Estonia to the European Union.
The project benefits from the support of an innovation-friendly ecosystem, including key players such as Future Africa, PwC Nigeria and Charter Cities Institute as technical advisors. Renowned investors, such as LocalGlobe, Amplo, and Pronomos Capital, also provided financial support.
The initiative is part of a broader effort by the Nigerian government to promote digital economic zones, with a steering committee chaired by President Bola Tinubu.
The Itana Digital Economic Zone will be housed in Alaro City, a mixed-use integrated city planned on over 2,000 hectares in the Lekki Free Zone. This strategic choice illustrates the project’s ambition to create a complete and modern environment for digital businesses.
ARD/ac/Sf/APA
