The Federal Government of Nigeria has initiated an initiative to create Digital Free Zones in the nation, with the goal of positioning the country as a global hub for digital trade and innovation. A steering committee, chaired by President Bola Ahmed Tinubu GCFR, has been formed to oversee the establishment of these digital free zones, which are intended to attract and support tech, finance, and service-oriented businesses in an environment tailored to the 21st-century digital trade and technological era.
The steering committee includes the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, as Vice Chairman, as well as other key government officials such as the Attorney General of the Federation and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi SAN; the Honourable Ministers of Communications, Innovation and Digital Economy, Dr Bosun Tijani; Industry, Trade and Investment, Dr Doris Uzoka-Anite; Interior, Mr Olubunmi Tunji-Ojo; and
The Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) represents private-sector stakeholders and serves as technical advisers to the committee. DiFZIN, a non-profit advocacy and policy research organization, is backed by a group of private sector development and advisory institutions, including Africa Finance Corporation, PwC Nigeria, Charter Cities Institute, Future Africa, and Itana. The goal is to transform Nigeria’s free zone ecosystem into Africa’s primary hub for global technology, finance, and service companies.
The committee will work with relevant government agencies and private stakeholders to modernize Nigeria’s free zone policies and 30-year-old regulatory framework, technology, and processes to meet global standards. This includes creating and publishing policy and operational frameworks to help qualified global and local technology, finance, and services businesses establish Pan-African or global operations in Nigeria.
Businesses operating in the zones will benefit from modernized free zone regulations, which include tax, banking, and immigration incentives, simplified government compliance processes, and a stable regulatory environment. The strategic objectives include increasing foreign direct investment, creating job opportunities, and facilitating foreign exchange inflows via an innovative approach to the free zone ecosystem.
The formation of Itana, Africa’s first digital free zone management company, registered and licensed by NEPZA, demonstrates the Federal Government’s commitment to creating an enabling environment for global technology, finance, and services businesses.
Key Statements
The Vice Chairman of the Steering Committee, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated, “The critical role of free zones in catalyzing and sustaining economic growth in Nigeria cannot be overstated.” In today’s digital age, we must integrate technology-focused businesses to attract investment and showcase our domestic talent within a liberal regulatory framework.” The government, he continued, “aims to deliver these benefits through the digital free zones.”
L-R: Luqman Edu, Executive Director of DiFZIN and CEO of Itana, Mr Wale Edun, Honourable Minister of Finance and Coordinating Minister of the Economy, and MD/CEO of NEPZA Dr. Olufemi Ogunyemi
In his remarks, the Honourable Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, stated, “As we embrace the concept of digital free zones in Nigeria, we are presented with a unique opportunity to drive local domiciliation of global technology companies to boost skills development and job creation in innovation and technology, as well as contribute to the local economy.” An ecosystem focused on fostering innovation, knowledge and skill development, and improved digital infrastructure is critical to realizing Nigeria’s digital economy’s full potential.”
Dr. Olufemi Ogunyemi, MD/CEO of NEPZA, stated that the organization is “committed to digital transformation through initiatives such as the e-NEPZA platform, which will streamline government services and comply with the Federal Government’s ease of doing business policy.” We look forward to working with DiFZIN to improve our digital processes.”
Also speaking, Mr. Luqman Edu, Executive Director of DiFZIN and CEO of Itana, emphasized that “DiFZIN is committed to driving regulatory reforms in taxation, banking, immigration, and ease of doing business within the free zone ecosystem.” Our goal is to create a welcoming environment for global technology, finance, and services businesses, establishing Nigeria as an African hub comparable to Delaware in the United States and Dubai in Asia.
Mr. Banji Fehintola, Executive Director and Head of Financial Services at AFC, stated that “AFC’s advisory team is skilled in providing tailored financial and technical advice across Africa.” We look forward to collaboration.
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Technological and Economic Impact*
Digital Free Zones will leverage cutting-edge technologies like AI and Edge Computing, fostering an environment for innovation, job creation and economic expansion. These ecosystems will support business growth and competitiveness through a supportive regulatory framework, facilitating the seamless integration of emerging technologies into business operations.
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