By Oluwakemi Kindness
President Bola Tinubu has directed the Minister of Industry, Trade and Investment, Jumoke Oduwole, to develop a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days.
Oduwole will coordinate the process in her capacity as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.
The President established the committee to modernise Nigeria’s free zone framework and adapt it to the needs of the digital economy.
According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the initiative is designed to help Nigerian technology and service companies access global capital and markets without moving their businesses and intellectual property abroad.
Tinubu says the government want more of the economic value created by Nigerian talent to remain in Nigeria through jobs, investment, professional services and intellectual property.
He also say the initiative would create opportunities for young Nigerians to work for global companies from within the country.
The President inform that the government wants Nigerian companies to be incorporated, financed and governed from Nigeria while serving markets across Africa and the world.
The initiative is already taking shape with Itana, described by the Presidency as Nigeria’s first Digital Free Zone, licensed by the Nigeria Export Processing Zones Authority (NEPZA).
The Africa Finance Corporation is backing the $500 million Itana Innovation project in Alaro City, Lagos.
The project is expected to combine an enabling policy environment with an innovation campus, access to capital and ecosystem services for African startups.
The Presidential Steering Committee will also work on regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.
Tinubu adds that 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.
