Tinubu moves Digital Free Zones initiative to implementation, targets global jobs, investment
pannigeriannews
3 min read
By Isaiah Adewole
President Bola Ahmed Tinubu has directed the implementation of Nigeria’s Digital Free Zones initiative, with a focus on enabling technology and service companies to raise global capital, create jobs and operate for international markets from Nigeria.
Tinubu directed 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, to work with the Itana Innovation project and the committee to develop a roadmap for the full launch of the initiative within 180 days.
The President said the initiative would help Nigerian companies retain their businesses and intellectual property in the country while providing more opportunities for young Nigerians to work for global companies without relocating 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,” Tinubu said.
He said the government’s objective was to ensure that more economic value created by Nigerian talent remained in the country through jobs, investment, professional services, intellectual property and the growth of Nigerian businesses.
Tinubu said the government would no longer accept a situation where promising Nigerian entrepreneurs had to establish their companies abroad to access 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 President added.
The initiative is being developed around Itana, described in the statement as Nigeria’s first Digital Free Zone, which is 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. According to the statement, the project will combine an enabling policy environment with an innovation campus, access to capital and ecosystem services to support African startups.
Tinubu said the initiative would extend beyond the development of technology parks, with the government seeking to create an environment where companies can be incorporated, financed and governed from Nigeria while serving markets across Africa and beyond.
“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 the initiative would enable Nigerians in different parts of the country to access employment opportunities with global companies without leaving home.
“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.
He said the growth of such businesses would also generate demand for Nigerian professional services and help retain more economic value within the country.
“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 is expected to continue work on regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.
Tinubu said the initiative would also 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,” 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 said.
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