In a move to position Nigeria as a hub for global digital trade and innovation, the Federal Government has launched an initiative to establish Digital Free Zones across the country.
Chaired by President Bola Ahmed Tinubu, a steering committee has been inaugurated to oversee the establishment of these digital free zones. The committee is composed of key government ministers and heads of relevant agencies, as well as representatives from the private sector.
The goal of the Digital Free Zones initiative is to attract and support tech, finance, and service-oriented businesses by providing a conducive environment tailored to the 21st-century digital trade and technological age.
According to the statement, the initiative will involve updating Nigeria’s free zone policies and regulatory framework to align with global standards. This includes developing and publishing policy and operational frameworks to enable qualified global and local businesses to establish Pan-African or global operations from Nigeria.
“Businesses operating within the zones will benefit from modernised free zone regulations, including tax, banking, and immigration incentives, simplified government compliance processes, and a stable regulatory environment,” the statement read.
The strategic goals of the initiative include boosting foreign direct investment, creating employment opportunities, and facilitating foreign exchange inflow through an innovative approach to the free zones ecosystem.
The establishment of Itana, Africa’s first digital free zone management company, registered and licensed by the Nigeria Export Processing Zones Authority (NEPZA), underscores the Federal Government’s commitment to creating an enabling environment for global technology, finance, and services-based businesses.
Speaking on the initiative, the Vice Chairman of the steering committee and Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasised the pivotal role of free zones in catalysing and sustaining economic growth in Nigeria.
“In this digital age, we must integrate technology-focused businesses to attract investments and showcase our domestic talents under a liberal regulatory framework,” Edun said.
The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, also highlighted the opportunity presented by the digital free zones to drive the local domiciliation of global technology companies, boost skills development and job creation in innovation and technology, and contribute to the local economy.
The Managing Director/CEO of NEPZA, Dr. Olufemi Ogunyemi, said the initiative would enhance the ease of doing business, noting that NEPZA is committed to digital transformation through initiatives like the e-NEPZA platform, which will streamline government services and comply with the Federal Government’s ease of doing business policy.
The Executive Director of DIFZIN and CEO of Itana, Mr. Luqman Edu, stated that the goal is to create a conducive environment for global technology, finance, and services-based businesses, positioning Nigeria as a hub for Africa, similar to Delaware for the U.S. and Dubai for Asia.
With the launch of this initiative, Nigeria is taking a significant step towards positioning itself as a leading destination for global digital trade and innovation, attracting investment, creating jobs, and fostering the growth of its digital economy.
