President Bola Ahmed Tinubu has directed the development of a 180-day roadmap for the full launch of Nigeria’s Digital Free Zones initiative, as the Federal Government seeks to attract global investment, create jobs and enable Nigerian technology companies to compete in international markets.
Tinubu gave the directive to the Minister of Trade and Investment, Dr Jumoke Oduwole, who is the Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.
The President directed Oduwole to work with the Itana Innovation project and the committee to develop the roadmap for the full implementation of the initiative within 180 days.
Tinubu said the initiative would make it easier for Nigerian technology and service companies to access global capital, serve international markets and retain their businesses and intellectual property in Nigeria.
“Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world. Our responsibility as a government is to ensure that Nigerians do not have to leave Nigeria or rely on other jurisdictions to realise that potential,” he said.
The President said the government wanted more of the economic value created by Nigerian talent to remain in the country through jobs, investment, professional services, intellectual property and growing Nigerian businesses.
He said the initiative would also create opportunities for young Nigerians to work for global companies from within the country while expanding the ecosystem of engineers, developers, designers, lawyers, accountants and other professionals supporting digital businesses.
“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,” Tinubu said.
“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” he added.
The initiative is already taking shape with Itana, Nigeria’s first Digital Free Zone, licensed by the Nigeria Export Processing Zones Authority and providing 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 will combine an enabling policy environment with an innovation campus, access to capital and ecosystem services designed to help African startups build at scale.
Tinubu said the administration’s ambition extended beyond developing technology parks, stressing the need to create an environment where companies could grow and retain more value in Nigeria.
“We want African companies to be incorporated in Nigeria, financed here and governed from here, while serving markets across Africa and the world,” he said.
The President also said the initiative would enable Nigerians across the country to work for global companies without relocating abroad.
“I want a young Nigerian in Kano, Enugu, Warri, Minna, Maiduguri or Ibadan to be able to work for a global company without leaving home, and I want our founders to raise capital globally while their companies and intellectual property remain in Nigeria,” Tinubu said.
The Presidential Steering Committee will continue work across regulation, taxation, banking, immigration and arbitration, as well as the digitisation of government processes within Nigeria’s free zones.
Tinubu said the initiative would position Nigeria to take advantage of the expansion of Africa’s digital economy and the growth of 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,” he said.
“This is what our Renewed Hope commitment to a digital economy looks like in practice, and this is how we transform reform into opportunities. We made a promise to Nigerians. We are keeping it,” the President added.