ItanaNigeria’s first licensed digital economic zone management company and Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, have agreed to jointly develop Africa’s first digital economic zone designed for global and pan-African technology, finance and services businesses to operate and scale with ease across Africa, unlocking the digital economy of the continent.
The formalization of this partnership took place yesterday before world government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.
About Itana
The Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and gateway to setting up a global business in Nigeria. Through Itana, companies can incorporate and operate their businesses remotely in the Itana zone, with laws, business incentives (tax, immigration and banking) and services optimized for the digital economy.
This will be combined with eco-friendly live-work districts and a live-in accelerator programme, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.
What will happen next?
AFC will support Itana with project development funding and intends to lead the funding of phase 1 of the Itana project budgeted at about 100 million dollars. This will include an eco-friendly technology campus in Lagos, Nigeria, and funding for startups in Accelerate Africa, Itana’s accelerator program in partnership with Future Africa.
AFC will also support the development of the Itana Digital Economic Zone for global and pan-African technology, finance and services businesses seeking to operate across Africa.
Between the Lines
Itana and AFC already work together Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisors to the Digital Free Zones Initiative in Nigeria (DiFZIN), a non-profit advocacy and policy research organization representing the private sector on the recently announced Federal Government of Nigeria steering committee for the establishment of Digital Economic Zones in Nigeria.
The committee is chaired by President Bola Tinubu and includes relevant government ministers and heads of agencies.
What They Say
“Itana aims to be to Nigeria and Africa what Delaware & Silicon Valley is to the US, DIFC to Dubai and e-Estonia to the European Union“, he said Luqman EduCEO of Itana.
“Itana is poised as the gateway to doing business in Africa. Local and international businesses looking to expand their operations across Africa will naturally look to Itana as their entry point.”
“Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a growing youth population and the growing importance of digital commerce and services“, he said Samaila ZubairouChairman & CEO, Africa Finance Corporation.
“In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone. This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, reinforcing the Company’s commitment to drive innovation, job creation and sustainable economic growth across the continent.“, he added.
Zoom out
Last year, Itana announced a funding round backed by top tech venture capital and highly influential tech industry leaders, including LocalGlobe, Amplo, Pronomos Capital (backed by Peter Thiel), Balaji, and Future Africa (led by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave).
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