THE Africa Finance Corporation (AFC) and Itana, Nigeria’s first licensed digital economic zone management company, have partnered to develop Africa’s inaugural digital economic zone. This landmark project aims to create an environment where global and Pan-African technology, finance, and service-based businesses can operate seamlessly across Africa, thus unlocking the potential of the continent’s digital economy.
AFC will provide project development funding for Itana and is set to lead the financing of the project’s first phase, estimated at around $100 million. The digital zone is designed to be a hub for innovation, business growth, and sustainability, contributing to Africa’s digital transformation.
Digital hub for Africa’s growing tech economy
With rapid mobile technology adoption, a youthful population, and the rise of digital commerce and services, Africa’s digital economy is on the brink of significant growth. ‘AFC is proud to pioneer this unprecedented initiative alongside Itana,’ said Samaila Zubairu, President & CEO of AFC. ‘This digital economic zone will be pivotal in fostering a thriving digital hub for Africa, driving innovation, job creation, and sustainable economic growth across the continent.’
A gateway for global business in Africa
The Itana Digital Economic Zone will be located in Lagos, Nigeria, and serve as an online jurisdiction to attract global businesses. Companies can remotely incorporate and operate within the Itana zone, benefitting from optimised laws, business incentives such as tax breaks, immigration benefits, and banking services tailored to the needs of the digital economy.
The project will include eco-friendly live-work districts and a live-in accelerator programme, showcasing the future of African urban development. It aims to provide ideal infrastructure and support for African businesses to compete on a global scale.
Plans for a digital future
Itana will also feature an eco-friendly tech campus in Lagos and support startup growth through Accelerate Africa, an accelerator programme developed in collaboration with Future Africa. Additionally, AFC will support the roll-out of the Itana Digital Economic Zone, targeting Pan-African and international businesses looking to expand across the continent.
Itana and AFC are already collaborating with partners such as Future Africa, PwC Nigeria, and Charter Cities Institute to promote Digital Free Zones in Nigeria. The initiative has received backing from the Nigerian Federal Government, with President Bola Tinubu chairing a steering committee that includes government ministers and agency heads.
Transforming Nigeria’s digital economy
Itana’s vision is to establish Nigeria as a powerhouse in the global digital economy. Located in Alaro City within the Lekki Free Zone—an integrated, mixed-use development spanning over 2,000 hectares—the Itana Digital Economic Zone aims to offer the infrastructure necessary for tech companies to flourish.
‘Itana intends to become for Nigeria and Africa what Delaware and Silicon Valley are to the US, what DIFC is to Dubai, and what e-Estonia is to the European Union,’ said Luqman Edu, CEO of Itana. ‘We are positioning Itana as the gateway to doing business in Africa. Local and international businesses aiming to expand across Africa will naturally look to Itana as their entry point.’
With the backing of AFC and partners, the Itana Digital Economic Zone is set to transform the digital landscape in Africa, promoting innovation, inclusion, and sustainable growth across the continent.
Credit: Africabriefing
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