Creation of a digital economic zone in Africa: a strategic partnership between AFC and Itana
Africa Finance Corporation (AFC) has announced a partnership with Nigerian company Itana to create Africa’s first digital economic zone. The innovative project will be located in the Lekki Free Zone, Lagos, and aims to provide global and pan-African technology companies with an enabling environment to expand across the African continent. The agreement was formalized at the Global Africa Business Initiative (GABI) in New York, on the sidelines of the United Nations General Assembly.
A framework optimized for technology companies
The Itana Digital Economic Zone will enable technology, financial and service companies to develop and expand their operations in Africa. Through an optimized fiscal and legal framework, companies will be able to benefit from incentives such as tax benefits, capital repatriation facilities and work and residence permits for expatriate executives. The project also includes a green technology campus in Lagos and a start-up acceleration program called “Accelerate Africa”.
Strategic support for the African digital economy
AFC will play a key role in the development of this digital economic zone, committing to finance the project, with a first phase estimated at $100 million. AFC CEO Samaila Zubairu expressed pride in being at the forefront of this initiative, saying it represents a milestone in promoting the digital economy in Africa. The project aims to drive innovation, job creation and sustainable economic development across the continent.
Itana: a future hub for Africa
According to Luqman Edu, CEO of Itana, the company’s vision is to make this digital economic zone a reference point in Africa, comparable to what Delaware and Silicon Valley are for the United States or the DIFC for Dubai. Itana aspires to become the natural gateway for local and international companies looking to establish themselves and grow in the African market.
Conclusion
The creation of Africa’s first digital economic zone, through the partnership between AFC and Itana, marks a turning point for the development of the digital economy on the continent. By providing an environment conducive to innovation and the expansion of technology companies, this project could transform Lagos into a strategic hub for Africa, attracting international investment while supporting economic growth and job creation.
