The plan to lead in financing phase 1 of the Itana project was formalised during the Global Africa Business Initiative at the 79th United Nations General Assembly (UNGA) in New York.
The Africa Finance Corporation (AFC) says it signed a deal with Itana, Nigeria’s first licensed digital economic zone management company, to fund Africa’s first digital economic zone in Lagos.
AFC said the budget for the project is $100 million.
“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,” AFC said.
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“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 UNGA in New York.”
According to AFC, the Itana digital economic zone in Lagos, Nigeria, is an online jurisdiction and serves as a gateway to build a global business in Nigeria.
“Through Itana, companies can remotely incorporate and operate their businesses in the zone, benefiting from laws, business incentives (tax, immigration & banking), and services optimised for the digital economy,” said AFC.
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“This initiative will include eco-friendly live-work districts and a live-in accelerator programme, showcasing the future of African cities and providing the necessary infrastructure for businesses to scale and compete globally.
“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 $100m. This will involve the establishment of an eco-friendly tech campus in Lagos and funding for startups in Accelerate Africa, the accelerator programme 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 looking to operate across Africa.”
In addition to their collaboration, Itana, AFC, Future Africa, PricewaterhouseCoopers (“PwC”) Nigeria, and Charter Cities Institute serve as technical advisers to the initiative for the promotion of the Digital Free Zones in Nigeria (DiFZIN), a non-profit advocacy and policy research organisation.
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The organisation represents the private sector in the steering committee, chaired by President Bola Tinubu, for the establishment of Digital Economic Zones in Nigeria.
‘ITANA WILL BE TAILORED FOR 21ST-CENTURY DIGITAL TRADE’
AFC said the Itana digital economic zone will be a conducive environment tailored for the 21st-century digital trade and technological age.
“The organization recently launched the Itana Application where individuals can join the community and have access to events and services such as business visa facilitation, local bank accounts, and a curated marketplace of trusted vendors and consultants for doing business in Africa,” AFC said.
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“Businesses that meet the criteria can register as a Free Zone Enterprise (FZE) with ease and will receive a Business Operating license that enables them to do business in Nigeria like numerous digital companies including Reliance Info and Future Africa.
“Post business incorporation, businesses can operate in the zone with tax and capital repatriation incentives, get access to the Itana business community, apply for business banking in the Digital Economic Zone, and special work and residency permits without limitations imposed by expatriate quotas.”
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Luqman Edu, chief executive officer of Itana, said they intend to make Nigeria and Africa akin to what Delaware and Silicon Valley are to the United States, what the Dubai international financial centre (DIFC) is to Dubai, and what e-Estonia is to the European Union.
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