Tinubu Moves Digital Free Zones Initiative To Implementation

…Targets Global Jobs, Investment

President Bola Ahmed Tinubu has directed the implementation of Nigeria’s Digital Free Zones initiative, aimed at attracting global investment, creating jobs and enabling Nigerian technology companies to operate and raise capital internationally while remaining domiciled in the country.

Tinubu gave the directive as his administration seeks to modernise Nigeria’s free zone framework to meet the demands of the digital economy and retain more economic value generated by Nigerian talent within the country.

The President directed the Minister of Trade and Investment, Dr Jumoke Oduwole, in her capacity as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones, to work with the Itana Innovation project and the committee to develop a roadmap for the full launch of the initiative within 180 days.

Tinubu said the initiative would make it easier for Nigerian technology and service companies to access global capital, create jobs and develop products for international markets without relocating their businesses and intellectual property abroad.

“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,” the President said.

He added that the government wanted more of the economic value created by Nigerian talent to remain in the country through employment, investment, professional services, intellectual property and the expansion of indigenous businesses.

According to the President, the initiative would also provide opportunities for young Nigerians in different parts of the country to work for global companies without leaving Nigeria.

“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” Tinubu said.

The initiative is already taking shape with Itana, Nigeria’s first Digital Free Zone, licensed by the Nigeria Export Processing Zones Authority (NEPZA) to provide 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 to help African startups scale while retaining more of the value they create on the continent.

Tinubu said the administration’s vision goes beyond establishing technology parks, stressing that companies should be able to incorporate and raise capital in Nigeria while serving markets across Africa and the world.

The President said the initiative would enable Nigerians in cities such as Kano, Enugu, Warri, Minna, Maiduguri and Ibadan to work for global companies from home.

“When these businesses grow here, they employ Nigerians, use Nigerian professional services and retain more of the value they create in our economy,” he said.

The Presidential Steering Committee will also work on regulatory, taxation, banking, immigration and arbitration issues, as well as the digitisation of government processes within Nigeria’s free zones.

Tinubu said the initiative would 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.

“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,” he said.

The statement was issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy.