Africa Finance Corporation (AFC) and Itana, a company that manages digital economic zones, have decided to work together to create Africa’s first digital economic zone (also the country’s first deepsea port-based, private one). Through this Lagos-based effort, the digital economy of Africa will be unlocked by giving international and pan-African technology, financial, and service-based companies a basis from which to operate and grow.
Nigerian enterprises will be able to remotely incorporate and run their operations through Lagos’ Itana Digital Economic Zone, which has services and rules tailored for the digital economy. AFC and Itana will combine this with eco-friendly live/work zones and a live-in accelerator programme to showcase the future of African cities.
In addition to providing project development cash to Itana, the AFC plans to take the lead in funding the project’s first phase, which is estimated to cost about USD 100 million.
This will feature companies and an environmentally friendly tech campus in Lagos. Itana will be a suitable setting designed for the digital trade and technical era of the 21st century. The organisation just released the Itana App, which allows users to become part of the community and access services and events, including local bank accounts, business visa facilitation, and a carefully curated marketplace of reliable suppliers and advisors for conducting business in Africa.
Without being constrained by expatriate quotas, businesses can operate in the zone with tax and capital repatriation incentives, have access to the Itana business community, apply for business banking, and obtain special work and residency permits.
According to Luqman Edu, CEO of Itana, “Itana aims to be to Nigeria and Africa what Delaware and Silicon Valley are to the US, the DIFC to Dubai, and e-Estonia to the European Union.”
Meanwhile, the International Finance Corporation (IFC) has announced an equity investment of up to USD 50 million in Lagos Free Zone Company to support the development and expansion of the Lagos Free Zone. This investment will address critical infrastructure gaps, apart from attracting local and global businesses, and contributing to Nigeria’s economic diversification agenda.
The investment will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure. Owned by Singapore-based Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone is strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.
With Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure will become vital in ensuring sustainable growth. When fully occupied, the Lagos Free Zone will create close to 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria’s GDP upon completion. The arena has already become home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.
This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its “2015 Climate Action Plan,” both of which prioritise economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.