Itana, a digital economic zone management company, and Africa Finance Corporation (AFC), have agreed to jointly develop the first digital economic zone in Africa.

This Lagos-based initiative will provide a base for global and pan-African technology, finance and service-based businesses to operate and scale with ease across Africa, unlocking the continent’s digital economy. Through the Itana Digital Economic Zone in Lagos, Nigerian companies can remotely incorporate and operate their businesses, with the laws and services optimised for the digital economy.

This will be coupled with eco-friendly live/ work districts and a live- in accelerator programme, showcasing the future of African cities.

The AFC will support Itana with project development funding and intends to lead in the financing of phase 1 of the project, which is budgeted at around $100m. This will include an eco-friendly tech campus in Lagos, and startups.

Itana will be a conducive environment tailored to the 21st-century digital trade and technological age. The organisation recently launched the Itana App, whereby individuals can join the community and have access to events and services such as business visa facilitation, local bank accounts, and a curated marketplace of trusted vendors and consultants for doing business in Africa.

Businesses can operate in the zone with tax and capital repatriation incentives, get access to the Itana business community, apply for business banking, and special work and residency permits without limitations imposed by expatriate quotas.

“Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the US, the DIFC is to Dubai, and e-Estonia is to the European Union,” said Luqman Edu, CEO of Itana.

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