Nigeria Pushes Forward in Digital Progress: Introduction of a New Economic Zone for Innovation
Itana's Digital Economic Zone: A New Hub for Africa's Digital Economy
Itana, a digital platform co-founded by Luqman Edu, Coco Liu, and Iyinoluwa Aboyeji, is developing a digital economic zone in Lagos, Nigeria. This zone targets tech, finance, and service-based businesses looking to operate across Africa.
The project has secured $2 million in funding from investors including Future Africa, Promonos Capital, and LocalGlobe. A significant portion of the financing for the first phase of the digital economic zone in Africa comes from the Africa Finance Corporation (AFC), with a value of $100 million.
The Itana free zone will offer registered enterprises exemptions from Nigerian tax requirements, import duties, and currency restrictions. Companies can register as free zone enterprises through the Itana app for a fee of less than $2,000.
The Itana app also offers a comprehensive platform for company registration and business banking. The platform is expected to expand in future plans, adding visa processing and tax filing capabilities.
The first phase of the Itana project includes constructing a tech campus in Nigeria, designed to accommodate nearly 5,000 people. Itana has already attracted over 2,000 digital members and has issued licenses to several businesses, with more applications in progress.
The collaboration between Itana and AFC represents a significant step towards establishing Africa as a major player in the global digital economy. AFC President & CEO Samaila Zubairu expressed pride in pioneering this initiative alongside Itana.
The Itana project aligns with Nigeria's recent efforts to promote digital economic zones, as evidenced by the government's formation of a steering committee in 2024. The steering committee, led by President Bola Ahmed Tinubu, includes key ministers from various sectors like finance, justice, industry, trade, investment, communications, innovation, and digital economy.
Africa's digital landscape has seen significant growth over the past decade. Internet usage in Africa has tripled from 216 million users in 2015 to 728 million in 2024. Funding for African startups has also increased significantly, rising from under $200 million in 2015 to $4 billion in 2023.
This new digital economic zone in Lagos, Nigeria, aims to serve as a gateway for local and international businesses expanding across Africa. The zone aspires to become a significant hub for digital businesses in Nigeria and Africa, similar to Delaware, Silicon Valley, DIFC, and e-Estonia in their respective regions.
The collaboration between Itana and AFC has the potential to create a thriving hub for the African digital economy, further propelling Africa's digital growth and global competitiveness.
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