The Ministry of Industry, Trade, and Investment has penned an agreement with Itana, Nigeria’s first licensed digital economic zone management company.
Both parties recently signed the agreement to enhance digital trade and attract global tech investment.
Supported by development funding from the Africa Finance Corporation, Itana is set to establish a $100m digital zone that helps global businesses register remotely and operate virtually in Nigeria.
The model will grant companies quick access to local talent and markets while providing business-friendly incentives and getting rid of the costs associated with physical office space.
The agreement, penned under the National Talent Export Programme, commits the Federal Government to backing Itana’s ambition of becoming the jurisdiction of choice for global tech companies expanding into the African continent.
Speaking during a visit to Itana’s base in Alaro City Free Zone, Lagos, the Minister for Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed that the collaboration is in alignment with Nigeria’s reform agenda and digital growth ambitions.
According to her, Nigeria is clearly ready to take the lead in Africa’s digital transformation, especially with the nation’s youthful, English-speaking, and digitally savvy population.
“Two years into President Bola Tinubu’s administration, Nigeria is boldly charting a reform-driven path to inclusive growth. We have marked this journey at Alaro City Free Zone, home to Itana, Nigeria’s first Digital Special Economic Zone.
The more than $1tn global services market is growing fast, and Nigeria is ready to lead Africa’s charge with our youthful, English-speaking, and digitally savvy population,” she said.
The co-founder and CEO of Itana, Luqman Edu, further noted that the company is ready to trigger the attraction of global tech companies to set up shop in Nigeria and unlock the potential of the continent’s digital economy.
He concluded by saying that the agreement will definitely open the door for international tech firms to launch their operations in the country.
“We are proud to have hosted the Honourable Minister and to have demonstrated how Itana is set to play a vital role in attracting global tech companies to set up shop in Nigeria and unlock the potential of the continent’s digital economy.
Africa is a continent of immense opportunities, with fast-growing economies and an increasingly large, digitally skilled young population.
This agreement opens the door for international tech firms to seamlessly launch operations in Nigeria, positioning the country as the preferred gateway for global companies expanding into Africa,” he added.
