By Bello Wakili
President Bola Ahmed Tinubu has directed the development of a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days.
The initiative is aimed at helping Nigerian technology and service companies raise global capital, create jobs and serve international markets while keeping their businesses and intellectual property in Nigeria.
President Tinubu gave the directive to the Minister of Trade and Investment, Dr Jumoke Oduwole, who is Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.
The President said the initiative would create more opportunities for young Nigerians to work for global companies from within the country.
He added that it would strengthen the domestic ecosystem of engineers, developers, designers, lawyers, accountants and other professionals supporting digital businesses.
President Tinubu said Nigeria had the talent and ambition to build companies capable of competing globally, adding that government must create an environment that allows Nigerians to realise that potential without moving abroad.
The initiative is being developed as part of efforts to modernise Nigeria’s free zone framework for the digital economy.
Itana, Nigeria’s first Digital Free Zone, has already been licensed by the Nigeria Export Processing Zones Authority and provides a platform for digital and service-based businesses to operate from Nigeria.
The $500 million Itana Innovation project at Alaro City, Lagos, is backed by the Africa Finance Corporation and is expected to combine an innovation campus with access to capital and ecosystem services for African start-ups.
President Tinubu said the government wants more technology, finance and service companies to be incorporated, financed and governed from Nigeria while serving markets across Africa and the world.
The Presidential Steering Committee will also work on regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within the free zones.
President Tinubu said the initiative would help Nigeria take advantage of the expansion of Africa’s digital economy and digitally enabled trade under the African Continental Free Trade Area.
Editing By Yusuf Zubairu
