*President Bola Tinubu.
President Bola Tinubu has directed the immediate development of a roadmap for the full implementation of Nigeria’s Digital Free Zones initiative within 180 days, as the Federal Government moves to position the country as a global hub for technology, digital services and innovation.
The initiative is designed to enable Nigerian technology and service companies to attract global capital, create jobs and serve international markets from Nigeria without relocating their businesses or intellectual property to foreign jurisdictions.
Presidential spokesman, Bayo Onanuga disclosed this in a press statement on Thursday.
He noted that Tinubu said the policy was aimed at ensuring that more of the economic value generated by Nigerian talent remained within the country through employment, investment, professional services, intellectual property and the growth of indigenous businesses.
“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.
Consequently, Tinubu directed the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, in her capacity 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 for the initiative’s full launch.
The President established and chairs the Presidential Steering Committee as part of efforts to modernise Nigeria’s free zone framework, which was created more than three decades ago, to meet the demands of the rapidly evolving digital economy.
Tinubu said the government was determined to reverse the trend in which promising Nigerian entrepreneurs establish their companies and intellectual property abroad in order 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.
“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” he said.
Itana leads digital free zone drive
The initiative is already taking shape with Itana, described as Nigeria’s first Digital Free Zone, having obtained a licence from 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.
The project is expected to combine an enabling policy environment with an innovation campus, access to capital and ecosystem services aimed at helping African startups build and scale while retaining a greater share of the value they create on the continent.
Tinubu said the government’s ambition goes beyond the development of technology parks, stressing that the ultimate objective is to create an environment where companies can be incorporated, financed and governed from Nigeria while serving customers across Africa and other 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,” the President said.
He added that the initiative would expand opportunities for young Nigerians to work remotely for global companies 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.
“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.
Under the initiative, the Presidential Steering Committee is expected to continue work on regulatory and institutional reforms covering taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.
The Federal Government is also seeking to position Nigeria to take greater advantage of the rapid expansion of Africa’s digital economy and the growth of digitally enabled trade under the African Continental Free Trade Area.
Tinubu said Nigeria possessed the talent, market and entrepreneurial capacity to play a leading role in Africa’s emerging digital economy.
“Nigeria has the talent and the market to reshape Africa’s place in the global technology and digital economy value chain.
“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,” he said.