Africa’s digital economy is rapidly expanding, and the need for supporting infrastructure is increasing. The creation of a digital economy will provide the basic infrastructure for this growth by allowing technology companies to operate in a streamlined and business-friendly environment.
African Finance Corporation (AFC) and Itana, Nigeria’s first authorized digital economy management company, have officially entered into a partnership to develop Africa’s first digital economy zone. Announced at the Global Africa Business Initiative (GABI) during the United Nations General Assembly (UNGA) in New York on September 26, the zone will provide seamless access to global and pan-African technology, finance and services. The purpose is to provide a platform. Expand your business from across Africa.
AFC President and CEO Samaira Zubair described the initiative as a “pivotal step” towards creating Africa’s digital economy hub, which would “innovate across the continent. It strengthens the Corporation’s commitment to creating jobs and promoting sustainable economic development,” he added. ”
Based in Lagos, Nigeria, the Itana Digital Economic Zone will operate as an online jurisdiction, allowing businesses to incorporate and manage their operations remotely. The platform will support legal and tax regulations aimed at supporting the digital economy, along with green live-in work zones and live-in accelerator programs designed to foster innovation and sustainability in Africa’s technology ecosystem. Optimized by preferential treatment and services.
AFC will provide project development funds and lead financing for Phase 1 of the Itana project, which is expected to cost approximately $100 million. This phase includes the development of a technology campus in Lagos and startup funding through Accelerate Africa, a partnership between Itana and Future Africa.
This development provides a framework for companies looking to take advantage of Africa’s growing digital economy. The project will be located in Alaro City within the Lekki Free Zone and will collaborate with partners including Future Africa, PwC Nigeria and Charter Cities Institute.
Nigeria is home to Africa’s largest startup ecosystem. According to the Nigeria Investment Promotion Board, the country raised more than $1.2 billion in startup funding in 2021 alone. The creation of a digital economy will provide the much-needed infrastructure, legal framework and incentives to accelerate the growth of these startups, making Nigeria a global technology player.
Hikumatou Bilali
