The Africa Finance Corporation (AFC) has announced its leadership role in financing Itana’s Digital Economic Zone, which has an estimated budget of approximately $100 million.

This facility, set to be established in Lagos, aims to facilitate the operations and growth of global and Pan-African technology, finance, and service-oriented businesses, thereby enhancing the continent's digital economy.

AFC's formal partnership with Itana for this initiative was unveiled in the presence of international government and business leaders during the Global Africa Business Initiative (GABI), held alongside the ongoing United Nations General Assembly (UNGA) in New York.

The Itana Digital Economic Zone in Lagos, Nigeria, is envisioned as a digital jurisdiction that will act as a gateway for establishing a global business presence in Nigeria.

Project details indicate that through Itana, companies will have the ability to remotely register and manage their operations within the zone, benefiting from laws, business incentives (including tax, immigration, and banking), and services tailored for the digital economy.

Additionally, the project will feature sustainable live-work communities and a residential accelerator program, exemplifying the future of urban development in Africa while providing essential infrastructure and support for businesses aiming to scale and compete on a global level.

This initiative will also encompass an eco-friendly technology campus in Lagos and funding opportunities for startups through Accelerate Africa, Itana's accelerator program in collaboration with Future Africa. AFC will further assist in the establishment of the Itana Digital Economic Zone for businesses in the tech, finance, and service sectors looking to expand across Africa.

Luqman Edu, CEO of Itana, remarked on the project, expressing the company's ambition to become the equivalent of Delaware and Silicon Valley for Nigeria and Africa, similar to the role of the DIFC in Dubai and e-Estonia within the European Union.

“Itana aims to serve as the primary gateway for conducting business in Africa. Both local and international enterprises seeking to broaden their reach across the continent will naturally consider Itana as their entry point,” he stated.

Samaila Zubairu, President & CEO of Africa Finance Corporation, also shared his thoughts on the initiative, stating:

“The digital economy in Africa is on the brink of substantial growth and innovation, driven by the swift adoption of mobile technology, a rapidly growing youth demographic, and the increasing significance of digital commerce and services.”

“AFC is honored to partner with Itana in establishing Africa’s first digital economic zone. 

“This groundbreaking initiative represents a crucial advancement towards developing a vibrant hub for the African digital economy, reinforcing the Corporation’s dedication to fostering innovation, creating jobs, and promoting sustainable economic growth throughout the continent,” he concluded.

Itana is recognized as Nigeria's inaugural licensed company specializing in the management of digital economic zones.

Previously, Itana has partnered with AFC, Future Africa, PwC Nigeria, and the Charter Cities Institute, serving as technical advisors to the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN). This non-profit organization advocates for and conducts policy research on behalf of the private sector, and it has recently been included in the Nigerian Federal Government's steering committee aimed at establishing Digital Economic Zones in the country.

The committee is led by President Bola Tinubu and comprises key Government Ministers and Agency Heads.

In the previous year, Itana revealed a funding round supported by prominent technology venture capital firms and influential leaders in the tech industry, including LocalGlobe, Amplo, Pronomos Capital (associated with Peter Thiel), Balaji, and Future Africa, which is spearheaded by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave.

As the first initiative of its kind in Africa, the Digital Zone project, set to be located in Alaro City—a comprehensive, mixed-use development spanning over 2,000 hectares within the Lekki Free Zone—aims to position Nigeria as a significant player in the global digital economy.