Itana, Nigeria’s first licensed digital economic zone management company, and Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, have agreed to jointly develop the first digital economic zone in Africa designed for global and Pan-African technology, finance, and service-based businesses to operate and scale with ease across Africa, unlocking the continent’s digital economy.
The formalisation of this partnership took place yesterday in front of global government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.
About Itana
The Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and to serve as a gateway to build a global business in Nigeria. Through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimized for the digital economy.
This will be coupled with eco-friendly live-work districts and a live-in accelerator program, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.
What Happens Next
AFC will support Itana with project development funding and intends to lead in the financing of phase 1 of the Itana project which is budgeted at around $100 million. This will include an eco-friendly tech campus in Lagos, Nigeria, and funding of startups in Accelerate Africa, the accelerator program of Itana in partnership with Future Africa.
AFC will also support the roll-out of the Itana Digital Economic Zone for global and Pan-African tech, finance, and service-based businesses seeking to operate across Africa.
Between The Lines
Itana and AFC are already collaborating alongside Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisers to the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN), a non-profit advocacy and policy research organization representing the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria.
The committee is chaired by President Bola Tinubu and includes relevant Government Ministers and Agency Heads.
What They’re Saying
“Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union,” said Luqman Edu, CEO of Itana.
“Itana is poised as the gateway to doing business in Africa. Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry”.
“Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a burgeoning youth population, and the growing importance of digital commerce and services,” said Samaila Zubairu, President & CEO, Africa Finance Corporation.
“In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone. This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent,” he added.
Zoom Out
Last year, Itana announced a funding round backed by leading technology venture capitals and highly influential tech industry leaders including LocalGlobe, Amplo, Pronomos Capital (backed by Peter Thiel), Balaji, and Future Africa (led by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave).
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