By By Elizabeth Ugbo
President Bola Ahmed Tinubu has directed the implementation of Nigeria’s Digital Free Zones initiative to attract global investment, create jobs and keep technology businesses in Nigeria. The President gave the directive as his administration seeks to help Nigerian companies access international capital and markets without relocating their businesses or intellectual property abroad.
The initiative will also create more opportunities for young Nigerians to work remotely for global companies. It will expand the domestic ecosystem supporting technology and service businesses.
These professionals include engineers, developers, designers, lawyers and accountants.
Tinubu Targets More Global Opportunities for Nigerians
President Tinubu said Nigeria has the talent and ambition to build globally competitive companies.
He added that government must create conditions that allow Nigerians to develop that potential at home.
“Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world,” Tinubu said.
“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 more economic value created by Nigerian talent should remain within the country.
He identified jobs, investment, professional services and intellectual property as key areas.
President Gives 180-Day Implementation Timeline
Tinubu directed the Minister of Trade and Investment, Dr Jumoke Oduwole, to coordinate the initiative.
Oduwole serves as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones.
The President tasked her with working alongside the Itana Innovation project and the committee.
They will develop a roadmap for the full launch of the initiative within 180 days.
Tinubu established and chairs the Presidential Steering Committee on Digital Free Zones.
The committee aims to modernise Nigeria’s free zone framework for the digital economy.
The existing framework dates back more than three decades.
Itana Digital Free Zone Already Operational
The initiative has already entered an important stage through Itana.
Itana is Nigeria’s first Digital Free Zone and holds a licence from the Nigeria Export Processing Zones Authority.
The zone provides a platform for global and Pan-African digital businesses to operate from Nigeria.
The Africa Finance Corporation is backing the $500 million Itana Innovation project in Alaro City, Lagos.
The project will combine policy support with an innovation campus and access to capital.
It will also provide ecosystem services to help African startups scale their businesses.
The initiative seeks to help startups retain more value within Africa.
Tinubu Wants Companies Built and Scaled From Nigeria
The President said the initiative goes beyond developing technology parks.
He wants African companies to incorporate, finance and govern their businesses from Nigeria.
“We want African companies to be incorporated in Nigeria, financed here and governed from here,” Tinubu said.
He added that these companies should serve markets across Africa and the wider world.
Tinubu also highlighted opportunities for young Nigerians outside major technology hubs.
He said young people in Kano, Enugu, Warri, Minna, Maiduguri and Ibadan should access global jobs from home.
The President also wants founders to raise international capital while keeping their companies and intellectual property in Nigeria.
He said growing businesses would employ Nigerians and use local professional services.
Committee to Address Key Business Regulations
The Presidential Steering Committee will continue work across several areas.
These include regulation, taxation, banking, immigration and arbitration.
The committee will also focus on digitising government processes within Nigeria’s free zones.
According to Tinubu, these reforms will support businesses seeking to establish and expand within Nigeria.
Digital Free Zones to Support Africa’s Digital Economy
The President said Nigeria must take advantage of Africa’s expanding digital economy.
He also linked the initiative to digitally enabled trade under the African Continental Free Trade Area.
Tinubu said Nigeria has both the talent and market to strengthen Africa’s position globally.
“Nigeria has the talent and the market to reshape Africa’s place in the global technology and digital economy value chain,” he said.
He described the initiative as part of the administration’s digital economy reforms.
According to him, the programme will help turn policy reforms into economic opportunities.
“We made a promise to Nigerians. We are keeping it,” the President said.
