Tinubu: We Have Moved Digital Free Zones Initiative To Implementation Stage

President Bola Tinubu has advanced Nigeria’s Digital Free Zones initiative into the implementation phase, aiming to attract more global jobs and investment for Nigerians. This move is part of the Renewed Hope administration's strategy to facilitate technology and service companies to secure international capital, employ locals, and expand internationally without relocating their businesses and intellectual property abroad.

The President stated that Nigeria possesses the necessary talent, enterprise, and ambition to construct companies capable of competing globally. Therefore, the government's responsibility is to enable Nigerians to utilize their potential without migrating or relying on foreign jurisdictions. Tinubu directed Minister of Trade and Investment, Dr Jumoke Oduwole, to collaborate with the Itana Innovation project and the Presidential Steering Committee on Digital Free Zones to develop a comprehensive roadmap for the initiative's launch within 180 days.

The initiative has already commenced with the licensing of Nigeria’s first Digital Free Zone, Itana, by the Nigeria Export Processing Zones Authority (NEPZA). This zone serves as a platform for global and pan-African digital and service businesses to establish and operate in Nigeria. The Africa Finance Corporation is supporting the $500 million Itana Innovation project at Alaro City, Lagos, which combines a conducive policy environment, an innovation campus, access to capital, and ecosystem services aimed at assisting African startups in scaling and retaining value on the continent.

Tinubu emphasized the administration's ambition to not only develop technology parks but also to enable African companies to be incorporated, financed, and governed in Nigeria while serving markets across Africa and the world. He expressed his desire for young Nigerians from various regions to work for global companies from Nigeria and for founders to raise capital globally while keeping their companies and intellectual property within Nigeria.

This approach would result in more Nigerians being employed, utilizing professional services, and retaining value generated in the domestic economy.

The Presidential Steering Committee will continue its work across various sectors within Nigeria’s free zones, including regulation, taxation, banking, immigration, arbitration, and digitization of government processes. Tinubu believes that the initiative will position Nigeria to capitalize on the rapid growth of Africa’s digital economy and the expansion of digitally enabled trade under the African Continental Free Trade Area.

He reiterated the Renewed Hope commitment to a digital economy and transforming reform into opportunities for Nigerians.