President Bola Ahmed Tinubu has directed the development of a 180-day roadmap for the full implementation of Nigeria’s Digital Free Zones initiative, in a move aimed at attracting global investment, creating jobs and enabling Nigerian technology companies to operate internationally from the country.
The initiative is designed to help Nigerian technology and service businesses access international capital and markets while keeping their headquarters, intellectual property and economic activities in Nigeria.
Tinubu said the programme would also create opportunities for young Nigerians to work remotely for global companies without leaving the country, while expanding demand for local engineers, software developers, designers, lawyers, accountants and other professionals supporting the digital economy.
“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 said the government’s objective was to ensure that a greater share of the economic value generated by Nigerian talent remains within the country through employment, investment, intellectual property, professional services and the growth of locally based businesses.
Tinubu has consequently directed the Minister of Trade and Investment, Dr Jumoke Oduwole, who serves as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones, to work with the Itana Innovation project and other members of the committee to develop the roadmap within 180 days.
The President established and chairs the Presidential Steering Committee as part of efforts to modernise Nigeria’s free zone framework, which was established more than three decades ago, to meet the needs of the digital economy.
Tinubu said Nigerian entrepreneurs should no longer be compelled to establish companies and register intellectual property abroad simply to gain access to international capital and markets.
“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,” he 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.”
The initiative is already taking shape through Itana, described as Nigeria’s first Digital Free Zone. It has been licensed by the Nigeria Export Processing Zones Authority (NEPZA) to provide a platform for global and pan-African digital and service companies to establish and operate from Nigeria.
The $500 million Itana Innovation project at Alaro City, Lagos, is backed by the Africa Finance Corporation. The project is expected to combine a supportive policy environment with an innovation campus, access to capital and ecosystem services aimed at helping African startups scale while retaining more of the economic value they generate on the continent.
Tinubu said the government’s ambition goes beyond the establishment of technology parks, stressing that the broader objective is to make Nigeria a base from which African businesses can access global markets.
“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 added that Nigerians across the country should be able to participate in the global digital economy 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.