By Eshioromeh Sebastian
President Bola Ahmed Tinubu has directed the Minister of Trade and Investment, Dr Jumoke Oduwole, to develop the roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days.
Oduwole is to carry out the assignment in her capacity as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones, according to a statement issued on Thursday by Bayo Onanuga, the President’s Special Adviser on Information and Strategy.
The President, who established and chairs the committee, said the initiative is expected to attract a rise in global capital, create employment opportunities for Nigerians, and help local businesses build for international markets without relocating their operations and intellectual property abroad.
It is also expected to open doors for more young Nigerians to work for global companies from within the country, while expanding the domestic ecosystem of engineers, developers, designers, lawyers, accountants and other professionals who serve growing digital businesses.
Tinubu said Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world, adding that government’s responsibility is to ensure Nigerians do not have to leave the country or depend on other jurisdictions to realise that potential.
He said his administration wants more of the economic value created by Nigerian talent to remain in the country through jobs, investment, professional services, intellectual property and growing Nigerian businesses.
“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,” the President said.
“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil.”
The statement noted that the initiative is already taking shape, with Itana, Nigeria’s first Digital Free Zone, now licensed by the Nigeria Export Processing Zones Authority (NEPZA) and providing 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, which will combine an enabling policy environment with an innovation campus, access to capital and ecosystem services designed to help African startups build at scale and retain more of the value they create on the continent.
Tinubu said the administration’s ambition goes beyond developing technology parks.
“We want African companies to be incorporated in Nigeria, financed here and governed from here, while serving markets across Africa and the world,” he said.
“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.”
The Presidential Steering Committee will continue its work across regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.
According to the statement, the initiative will also position Nigeria to take 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 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,” he said.
“We made a promise to Nigerians. We are keeping it.”
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