Tinubu Moves To Stop Nigerian Tech Firms From Moving Abroad With Digital Free Zones

 

By Abel Chigozie 

President Bola Ahmed Tinubu has moved Nigeria’s Digital Free Zones initiative into its implementation phase, with the Federal Government targeting increased global investment, job creation and the retention of Nigerian technology companies and intellectual property within the country.

Tinubu also directed the Minister of Trade and Investment, Dr Jumoke Oduwole, to work with the Itana Innovation project and the Presidential Steering Committee on Digital Free Zones to develop a roadmap for the full launch of the initiative within 180 days.

According to a statement issued on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the initiative is designed to enable Nigerian technology and service companies to raise global capital, employ Nigerians and serve international markets without relocating their businesses and intellectual property abroad.

The President said the initiative would also provide opportunities for young Nigerians to work for global companies without leaving the country, while strengthening the ecosystem of engineers, developers, designers, lawyers, accountants and other professionals supporting digital businesses.

«“Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world. Our responsibility as a government is to ensure that Nigerians do not have to leave Nigeria or rely on other jurisdictions to realise that potential,” Tinubu said.»

He said the Federal Government wanted more of the economic value generated by Nigerian talent to remain within the country through jobs, investment, professional services, intellectual property and the growth of indigenous businesses.

Tinubu said some Nigerian entrepreneurs had been compelled to register their companies and intellectual property abroad to access international capital and markets.

«“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” he said.»

The President established and chairs the Presidential Steering Committee on Digital Free Zones as part of efforts to modernise Nigeria’s free-zone framework for the digital economy.

The initiative is already taking shape through Itana, described by the Presidency as Nigeria’s first Digital Free Zone. Itana has been licensed by the Nigeria Export Processing Zones Authority and provides a platform for digital and service-based businesses to establish and operate from Nigeria.

The Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City, Lagos. The project is expected to combine an enabling policy environment with an innovation campus, access to capital and ecosystem services for African startups.

Tinubu said the administration’s plan went beyond establishing technology parks, noting that companies should be able to incorporate, secure financing and operate from Nigeria while serving markets across Africa and the world.

«“I want a young Nigerian in Kano, Enugu, Warri, Minna, Maiduguri or Ibadan to be able to work for a global company without leaving home, and I want our founders to raise capital globally while their companies and intellectual property remain in Nigeria,” he said.»

The Presidential Steering Committee will also work on issues relating to regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within Nigeria’s free zones.

Tinubu said the initiative would position Nigeria to participate more actively in Africa’s expanding digital economy and digitally enabled trade under the African Continental Free Trade Area.

«“Nigeria has the talent and the market to reshape Africa’s place in the global technology and digital economy value chain,” the President said.»

He added that the initiative was part of his administration’s efforts to translate its digital-economy reforms into opportunities for Nigerians.