Designated area

Africa is set to host its first digital economic zone for global and pan-African tech and finance service-based companies.

The Itana digital economic zone, based in Lagos, Nigeria, will enable companies to remotely incorporate and operate their businesses, according to Africa Business Communities.

The project is being developed by Itana, Nigeria’s first licensed digital economic zone management company, and the Africa Finance Corporation (AFC), with US$100 million budgeted for phase one, which will include an eco-friendly tech campus.

Once companies are incorporated in the zone, they will be able to access tax and capital repatriation incentives as well as the Itana business community. Companies will also be able to apply for business banking in the zone, and work and residency permits that are not limited by expatriate quotas.

The zone will be located in Alaro City, an integrated, mixed-use city being developed on 2 000 hectares in Lagos’ Lekki Free Zone.