Business
Ministry, Firm Sign Pact To Boost Digital Trade
As part of efforts to boost digital trade and attract global tech investment, the Ministry of Industry, Trade, and Investment has signed an agreement with Itana, Nigeria’s first licensed digital economic zone management company.
Itana had in a statement, recently, disclosed that it is developing a $100m digital zone that allows global businesses to register remotely and operate virtually in Nigeria.
According to the release by the firm, the initiative was backed by development funding from the African Finance Corporation.
It stated that the model is designed to give companies instant access to local talent and markets while offering business-friendly incentives and eliminating the costs associated with physical office space.
It also clarified that the agreement, signed under the National Talent Export Programme, commits the federal government to supporting Itana’s ambition of becoming the jurisdiction of choice for global tech companies expanding into Africa.
It quoted the Minister for Industry, Trade and Investment, Dr. Jumoke Oduwole, on a visit to Itana’s at Alaro Free Zone in Lagos, as saying that the partnership aligns with Nigeria’s reform agenda and digital growth ambitions.
“Two years into President Bola Tinubu’s administration, Nigeria is boldly charting a reform-driven path to inclusive growth. We have marked this journey at Alaro City Free Zone, home to Itana, Nigeria’s first Digital Special Economic Zone.
“The more than $1tn global services market is growing fast, and Nigeria is ready to lead Africa’s charge with our youthful, English-speaking, and digitally savvy population.
“Through NATEP, the government aims to leverage digital free zones to create 100,000 high-value jobs over the next five years as part of a broader strategy to position the country as a global hub for digital services”, Oduwole stated.
The statement further clarified that the MoU also affirms the government’s support for Itana’s mission to facilitate the seamless entry of international tech firms into Nigeria, thereby driving innovation and digital inclusion across the continent.
Corlins Walter