Itana, Nigeria’s first licensed digital economic zone management company, is receiving support from Africa Finance Corporation (AFC) to develop Africa’s first digital economic zone. This ambitious project is designed to create a conducive environment for global and Pan-African technology, finance, and service-based businesses to operate and scale across the continent. The initial phase of the project, budgeted at $100 million, will be led and financed by AFC.
The partnership was formalized during the Global Africa Business Initiative (GABI) on the sidelines of the United Nations General Assembly in New York, signifying global recognition of this landmark development. The Itana Digital Economic Zone, located in Lagos, Nigeria, is envisioned as an online jurisdiction where companies can remotely incorporate and operate, with optimized laws, business incentives, and services tailored for the digital economy.
The zone will also feature eco-friendly live-work districts and a live-in accelerator program, designed to support startups through Itana’s Accelerate Africa initiative in partnership with Future Africa. The first phase will include the construction of a tech campus and the funding of startups.
Itana aims to become a gateway for doing business in Africa, much like Delaware and Silicon Valley in the U.S. or the DIFC in Dubai. The zone offers businesses significant benefits, including tax incentives, simplified business registration, access to business visas, and banking services.
The project represents a pivotal moment for Africa’s digital economy, which is expected to see significant growth due to the continent’s adoption of mobile technology, its young population, and the rise of digital commerce. AFC President and CEO Samaila Zubairu emphasized the importance of this initiative in driving innovation, job creation, and sustainable economic development across Africa.
Itana’s development is also supported by venture capitalists and tech leaders, and the digital economic zone will be hosted in Alaro City, located within the Lekki Free Zone, further enhancing Nigeria’s position as a leader in the global digital economy.
