Nigeria Targets Global Tech Firms With Digital Free Zones

 

The Federal Government has begun moves to establish Nigeria as a major destination for technology, finance and digital service companies through the planned launch of its Digital Free Zones initiative.

President Bola Tinubu has directed the Presidential Steering Committee on Digital Free Zones to develop a roadmap for the full implementation of the initiative within 180 days.

The programme is designed to create an environment where technology companies can establish and scale their businesses in Nigeria while benefiting from reforms covering regulation, taxation, banking, immigration, arbitration and government digital services.

The initiative is also expected to encourage Nigerian entrepreneurs and technology companies that currently establish businesses abroad to keep more of their operations, intellectual property, jobs and investment within the country.

A major component of the programme is the $500 million Itana Innovation project at Alaro City, Lagos, which is being backed by the Africa Finance Corporation. The project is expected to combine an innovation campus with access to capital and other support services for African technology companies.

The Presidency said the government wants Nigerian companies to build and scale globally from within the country rather than being compelled to relocate in search of international capital and markets.

Tinubu also said the initiative would help Nigeria take advantage of the expanding digital economy and digitally enabled trade under the African Continental Free Trade Area.

The government’s plan comes as countries across Africa compete to attract technology investment, develop digital infrastructure and create high-value jobs for their growing youthful populations.