“No More Taking Nigerian Tech Companies Abroad” — Tinubu

President Bola Tinubu says Nigeria must no longer lose promising technology companies and intellectual property to foreign jurisdictions simply because their founders need access to international capital and markets.

The President disclosed this in a statement posted on his official X handle on Thursday, announcing a 180-day roadmap for the full launch of Nigeria’s Digital Free Zones initiative.

The directive puts the Minister of Trade and Investment, Dr Jumoke Oduwole, at the centre of the next phase. Oduwole, who serves as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones, is to work with the committee and Itana Innovation on the roadmap.

The initiative is already taking shape through Itana, which has been licensed by the Nigeria Export Processing Zones Authority as Nigeria’s first Digital Free Zone. The $500 million Itana Innovation project in Lagos, backed by the Africa Finance Corporation, is expected to provide startups with an innovation campus, access to capital and other services needed to scale their businesses.

Tinubu said the government’s focus extends beyond establishing technology parks. His stated objective is to have African technology, finance and service companies incorporated, financed and governed from Nigeria while serving markets across Africa and the world.

He said the policy could also allow young Nigerians in cities such as Kano, Enugu, Warri, Minna, Maiduguri and Ibadan to work for global companies without having to relocate abroad. The President added that the committee’s work would cover regulation, taxation, banking, immigration, arbitration and the digitisation of government processes within the free zones.

Tinubu said Nigeria’s talent and market give the country an opportunity to secure a larger share of Africa’s growing digital economy, particularly as more trade under the African Continental Free Trade Area moves online.

He concluded by tying the initiative to his administration’s digital-economy commitment, stating: “We made a promise to Nigerians. We are keeping it.”