Tinubu moves digital free zones to implementation, targets global jobs

President Bola Tinubu has transitioned Nigeria's Digital Free Zones initiative from planning to implementation, aiming to boost global investment, create jobs, and keep Nigerian technology companies within the country. The President tasked Trade and Investment Minister Jumoke Oduwole to collaborate with the Itana Innovation project and the Presidential Steering Committee on Digital Free Zones in crafting a plan for full launch within 180 days.

This initiative intends to simplify access to global capital for Nigerian tech and service firms, enable employment of Nigerians in international markets, and maintain businesses' intellectual property domestically. Tinubu emphasized the potential for young Nigerians to work for global companies from Nigeria, thus expanding the domestic ecosystem of professionals supporting digital businesses.

He stated that Nigeria possesses the requisite talent, enterprise, and ambition to create globally competitive companies, and it is the government's duty to prevent the diaspora of Nigerian talent. The President, who established and chairs the Presidential Steering Committee on Digital Free Zones, aimed to modernize the country's free zone framework, which was established over three decades ago, to align with the demands of the digital economy.

Tinubu expressed his disapproval of the notion that promising young entrepreneurs must relocate their companies and intellectual property abroad to access global capital and markets. He vowed that the next generation of African technology, finance, and service companies would be founded, headquartered, and scaled within Nigeria.

The initiative has already begun with Itana, Nigeria's inaugural Digital Free Zone, licensed by the Nigeria Export Processing Zones Authority, providing a platform for global and pan-African digital and service businesses to establish operations in Nigeria. The Africa Finance Corporation is supporting the $500m Itana Innovation project at Alaro City, Lagos, which combines an enabling policy environment with an innovation campus, access to capital, and ecosystem services to aid African startups in scaling their operations and retaining generated value within the continent.

Tinubu emphasized that the administration's aim extends beyond constructing technology parks, stressing the necessity of positioning Nigeria as a base for companies serving African and global markets. He expressed his desire for a young Nigerian from any part of the country to work for a global company without relocating and for founders to attract global investments while keeping their businesses and intellectual property in Nigeria.

The Presidential Steering Committee will continue working on regulatory, taxation, banking, immigration, arbitration, and the digitization of government processes within Nigeria's free zones.