The Africa Finance Corporation (AFC) will provide project development funding for Itana and plans to take the lead in financing the first phase of the Itana project, which has an estimated budget of approximately $100 million.
Nigeria is taking a significant leap toward becoming a global technology hub with the announcement of the Itana Digital Economic Zone, Africa’s first licensed digital economic zone. The ambitious project is a joint initiative between Itana, Nigeria’s pioneering digital economic zone management company, and the Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider. The formalization of their partnership occurred during the Global Africa Business Initiative (GABI), held alongside the ongoing United Nations General Assembly (UNGA) in New York. This marks a major step in unlocking Africa’s vast digital economy potential.
A Gateway for Global and Pan-African Businesses
The Itana Digital Economic Zone, to be located in Lagos, Nigeria, is designed to attract global and Pan-African technology, finance, and service-based businesses. The zone will provide companies with the necessary infrastructure and regulatory incentives to scale and thrive in Africa’s emerging digital economy. Itana will function as an online jurisdiction, offering businesses a platform to incorporate, operate, and expand without the typical hurdles of navigating multiple African markets. This digital jurisdiction will be optimized for ease of doing business, featuring laws and services tailored specifically for digital companies.
Businesses operating within the zone will benefit from tax incentives, immigration facilitation, and access to banking services designed to support digital operations. Itana will also feature eco-friendly live-work districts and a live-in accelerator program, demonstrating the future of African cities.
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AFC’s Investment in Africa’s Digital Future
AFC has committed to supporting the development of the Itana project, with the first phase budgeted at $100 million. The financing will cover the development of an eco-friendly tech campus in Lagos and the funding of startups through Itana’s accelerator program, Accelerate Africa, in partnership with Future Africa. AFC’s involvement signals a major financial commitment to accelerating digital innovation and infrastructure in Africa, a key driver of economic growth on the continent.
According to AFC President & CEO Samaila Zubairu, “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, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent.”
A Vision for Africa’s Digital Economy
Itana’s mission is clear: to position Nigeria and Africa as a leading destination for global digital commerce. CEO Luqman Edu noted, “Itana intends to be to Nigeria and Africa what Delaware and Silicon Valley are to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union.” The Digital Economic Zone will offer a conducive environment tailored to the needs of 21st-century digital trade and innovation.
In addition to creating a digital business-friendly environment, Itana has launched a dedicated application that allows businesses to access a wide range of services, from business visa facilitation to local bank accounts. Businesses that meet the required criteria will be able to register as Free Zone Enterprises (FZE) and receive an operating license, enabling them to operate freely within Nigeria’s digital economy.
Driving Innovation and Economic Growth
The collaboration between Itana and AFC comes at a time when Africa’s digital economy is poised for rapid growth. The proliferation of mobile technology, a burgeoning youth population, and the rising importance of digital commerce and services have created the perfect storm for innovation. The establishment of the Itana Digital Economic Zone will not only provide the necessary infrastructure but also ensure that African businesses are well-positioned to compete on the global stage.
By leveraging the continent’s strengths and addressing its challenges, Itana and AFC are laying the groundwork for a vibrant digital future that promises to create jobs, drive economic growth, and foster innovation across Africa.
