Cheers as two amazing African companies partner to launch 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

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.

Africa's first digital economic zone to be created through AFC and Itana partnership Photo credit - AFC/Itana
Source: UGC

The formalisation of this partnership took place 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 to serve as a gateway to build 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 optimized 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 in 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.

Luqman Edu, CEO of Itana said that the company is poised as 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, Africa Finance Corporation, said the company is proud to be a 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 organization representing the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria.

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Source: Legit.ng