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Itana and AFC to Create the First Digital Economic Zone in Africa
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Nigeria’s first licenced digital economic zone management company, and Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, have partnered to jointly develop the first digital economic zone in Africa.
The initiative is designed for global and Pan-African technology, finance and service-based businesses to operate and scale with ease across Africa.
It’s also set to unlock the continent’s digital economy.
First Digital Economic Zone Africa Makes Nigeria a Powerhouse In The Global Digital Economy
The formalisation of this partnership took place yesterday 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.
AFC said in a statement, “We will support Itana with project development funding and intend to lead in the financing of phase 1 of the Itana project which is budgeted at around $100m.”
Additionally, the company highlighted that the project 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.
Purpose Of The Itana and AFC Economic Zone Project
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. Also, operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimized for the digital economy.
“Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union,” said Luqman Edu, CEO of Itana.
As the first Digital Economic Zone, Itana remains committed to making Nigeria a powerhouse in the global digital economy. It will be hosted in Alaro City, an integrated, mixed-use city planned on over 2,000 hectares in the Lekki Free Zone.
About Itana
Itana is a novel digital economic zone enabling global and pan-African technology, finance and service-oriented businesses to operate seamlessly across Africa.
Additionally, it offered a one-stop platform for setting up operations in Nigeria.
Itana provides business services such as visa facilitation, local bank accounts and competitive incentives in taxation, immigration, banking, and regulation. It also features a Digital Residency community, a curated marketplace for trusted vendors, and the upcoming Itana District—a tech campus in Lagos, set to also become a model for the future of African cities
Also Read: ITU Report: Nigeria Ranks High in 5G and Digital Transformation
About AFC
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental.
Also for providing high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.
AFC has 43 member countries and has invested US$13 billion across Africa since inception.
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