Itana and Africa Finance Corporation Partner to Develop Africa's First Digital Economic Zone
- Itana and Africa Finance Corporation (AFC) have joined forces to develop Africa's first digital economic zone
- The digital economic zone is intended as an online jurisdiction and to serve as a gateway to build a global business in Nigeria
- The AFC will support the financing of phase 1 of the Itana project, which is budgeted at around $100m
Legit.ng journalist Zainab Iwayemi has over 3 years experience covering the Economy, Technology, and Capital Market.
Itana, Nigeria’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 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.
Source: UGC
This partnership was formalised in front of global 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.
The Itana Digital Economic Zone in Lagos, Nigeria, is intended as an online jurisdiction and as a gateway to building a global business in Nigeria.
Through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimised for the digital economy.
This will be coupled with eco-friendly live-work districts and a live-in accelerator program, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.
AFC will support Itana with project development funding and intends to lead the financing of phase 1 of the Itana project, which is budgeted at around $100m.
This will include an eco-friendly tech campus in Lagos, Nigeria, and funding of startups in Accelerate Africa, the accelerator program 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 seeking to operate across Africa.
Legit.ng had earlier reported that the digital economy in Africa could account for 5.2% of the continent's gross domestic product (GDP) and bring in close to $180 billion.
A World Bank report revealed that access to the Internet is still elusive for most people in Africa, with only 22% allegedly having access to the Internet in Africa as of 2017.
Luqman Edu, CEO of Itana, said the company is poised to be the gateway to doing business in Africa.
He said:
"Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry”.
Also speaking on the development, Zubairu, President & CEO of Africa Finance Corporation, said the company is proud to pioneer alongside Itana in building Africa’s first digital economic zone.
He said:
"This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent.”
Itana and AFC are already collaborating alongside Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisers to the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN), a non-profit advocacy and policy research or organisation presenting the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria.
5G technology, Nigeria’s best chance at digital economy
In related news, Legit.ng earlier reported that the former chairman of the NCC, Prof. Umar Garba Danbatta, reeled out the potentialities of using 5G in Nigeria.
According to Danbatta, the introduction of 5G technology will give Nigeria a competitive advantage and help it retain its status as Africa's largest economy.
He said the Commission's goal is for Nigeria to become one of the leading nations with 5G technology deployed in a manner that contributes maximally to the federal government's digital economy policy.
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Source: Legit.ng
