Nigeria Pushes Forward in Tech Advancement Through Establishment of Digital Economy Zone
Itana Digital Economic Zone Takes Shape in Lagos, Nigeria
Itana, a digital economic zone in Lagos, Nigeria, is making significant strides in its development. Co-founded by Luqman Edu, Coco Liu, and Iyinoluwa Aboyeji, Itana is poised to become a major player in Africa's digital economy.
Recently, Itana secured an additional $2 million in funding from investors including Future Africa, Promonos Capital, and LocalGlobe. This investment marks a significant step towards realizing the vision of a thriving digital economy for Africa.
The collaboration between Itana and the Africa Finance Corporation (AFC) is another milestone. AFC President & CEO Samaila Zubairu expressed pride in pioneering this initiative alongside Itana. This partnership represents a significant step towards establishing Africa as a major player in the global digital economy.
The first phase of the Itana project includes constructing a tech campus in Nigeria, designed to accommodate nearly 5,000 people. The free zone will exempt registered enterprises from Nigerian tax requirements, import duties, and currency restrictions.
Nigeria's government formed a steering committee in 2024 to promote digital economic zones, with President Bola Ahmed Tinubu leading. This initiative aligns with the growing trend in Africa, as internet usage has tripled from 216 million users in 2015 to 728 million in 2024. Funding for African startups has risen from under $200 million in 2015 to $4 billion in 2023.
Itana targets tech, finance, and service-based businesses looking to operate across Africa. The Itana app offers a comprehensive platform for company registration and business banking, and for a fee of less than $2,000, companies can register as free zone enterprises.
The potential impact of Itana on the continent's business landscape is immense. This collaboration could potentially transform the continent's business landscape and attract international investment and talent. Itana's founders envision it becoming as significant as Delaware and Silicon Valley to the U.S., DIFC to Dubai, and e-Estonia to the European Union.
Future plans for the Itana app include adding visa processing and tax filing capabilities. With over 2,000 digital members and several businesses issued licenses, Itana is well on its way to becoming a gateway for local and international businesses expanding across Africa. This collaboration between Itana and AFC has the potential to create a thriving hub for the African digital economy.
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