President Bola Ahmed Tinubu has directed the development of a 180-day roadmap for the full implementation of Nigeria’s Digital Free Zones initiative, aimed at attracting global investment, creating jobs and enabling technology and service companies to operate from Nigeria while accessing international markets.
Tinubu gave the directive to the Minister of Trade and Investment, Dr Jumoke Oduwole, who serves as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.
The minister is expected to work with the Itana Innovation project and the committee to develop the roadmap within 180 days.
The initiative is part of the Federal Government’s efforts to modernise Nigeria’s free zone framework to reflect the needs of the digital economy.
According to the Presidency, the framework is intended to make it easier for Nigerian technology and service companies to raise capital internationally, retain their intellectual property in Nigeria and create employment for Nigerians.
Tinubu said Nigeria has the talent and entrepreneurial capacity to build globally competitive companies and that government policy should enable businesses to scale internationally without relocating their operations or intellectual property abroad.
“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,” the President said.
The Presidency said the initiative could also expand opportunities for Nigerians to work for global companies from within the country while supporting demand for local professionals, including engineers, developers, designers, lawyers and accountants.
The initiative is already taking shape through Itana, which the Presidency described as Nigeria’s first Digital Free Zone. Itana is licensed by the Nigeria Export Processing Zones Authority (NEPZA) and provides 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 is expected to combine an enabling policy environment with an innovation campus, access to capital and ecosystem services for African startups seeking to scale their businesses.
Tinubu said the administration’s objective extends beyond the development of technology parks, with a focus on enabling companies to be incorporated, financed and managed from Nigeria while serving customers across Africa and other international markets.
The President also said the initiative could allow Nigerians in cities such as Kano, Enugu, Warri, Minna, Maiduguri and Ibadan to work for global companies without relocating abroad.
The Presidential Steering Committee is expected to continue work on regulatory, taxation, banking, immigration, arbitration and government digitisation issues affecting businesses operating within the digital free zone framework.
The Presidency said the initiative is also intended to position Nigeria to benefit from the expansion of Africa’s digital economy and 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,” Tinubu said.
The President said the initiative forms part of his administration’s broader digital economy reforms.
