President Bola Ahmed Tinubu has directed the development of a roadmap for the full implementation of Nigeria’s Digital Free Zones initiative within 180 days.
Tinubu said the policy would also expand opportunities for young Nigerians to work remotely for global companies and strengthen the domestic ecosystem of engineers, developers, designers, lawyers, accountants and other professionals supporting digital businesses.
This was contained in a State House press statement signed by the Special Adviser to the President, (Information and Strategy), Bayo Onanuga.
According to the statement, 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 the roadmap for the full launch of the initiative within 180 days.
The President established and chairs the Presidential Steering Committee on Digital Free Zones as part of efforts to modernise Nigeria’s free zone framework, created more than three decades ago, for the requirements of the digital economy.
President Tinubu said the initiative will also position Nigeria to take advantage of the rapid expansion of Africa’s digital economy and the growth of digitally enabled trade under the African Continental Free Trade Area.
“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.”
“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” the President said.
“The initiative is already taking shape with Itana, Nigeria’s first Digital Free Zone, now licensed by the Nigeria Export Processing Zones Authority (NEPZA) 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 and retain more of the value they create on the continent.”
“We want African companies to be incorporated in Nigeria, financed here and governed from here, while serving markets across Africa and the world.”
“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.”
“When these businesses grow here, they employ Nigerians, use Nigerian professional services and retain more of the value they create in our economy.”
“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,” President Tinubu said.