Federal Government has set up a steering committee to oversee establishment of digital free zones across the country.

The zones, which is chaired by President, Bola Ahmed Tinubu, is designed to attract and support tech, finance and service-oriented businesses, in a conducive environment tailored to the 21st Century digital trade and technological age.

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 heads of relevant government agencies. The Initiative for the Promotion of the Digital Free Zones in Nigeria (DiFZIN) serves as the private-sector stakeholders’ representative and technical advisers on the committee.

DiFZIN, a non-profit advocacy and policy research organisation, is supported by a consortium of private sector development-focused and advisory institutions, including Africa Finance Corporation, PwC Nigeria, Charter Cities Institute, Future Africa, and Itana.

The mission is to develop Nigeria’s free zones ecosystem into Africa’s primary hub for global technology, finance and service businesses.

A statement by Director (Information) at the Ministry of Finance, Mr. Mohammed Manga, said the committee will collaborate with relevant government agencies and private stakeholders to update Nigeria’s free zone policies and 30-year-old regulatory framework, technology and processes to align with global standards.

This, it noted, included developing and publishing policy and operational frameworks to enable qualified global and local technology, finance and services based businesses to establish PanAfrican or global operations from Nigeria.

“Businesses operating within the zones will benefit from modernized free zone regulations, including tax, banking, and immigration incentives, simplified government compliance processes, and a stable regulatory environment.

The strategic goals include boosting foreign direct investment, creating employment opportunities, and facilitating foreign exchange inflow through an innovative approach to the free zones ecosystem,” according to statement.

The establishment of Itana, Africa’s first digital free zone management company, registered and licensed by NEPZA, underscores the Federal Government’s commitment to creating an enabling environment for global technology, finance and services-based businesses.

The Vice Chairman of the Steering Committee, Minister of Finance and Coordinating Minister of the Economy, Edun, noted: “The pivotal role of free zones in catalysing and sustaining economic growth in Nigeria cannot be overemphasised.

“In this digital age, we must integrate technology-focused businesses to attract investments and showcase our domestic talents under a liberal regulatory framework.”

The Government, he added, “aims to deliver these benefits through the digital free zones.” In his remarks, the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani noted:

“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, and contribute to the local economy.

“An ecosystem tailored to fostering innovation, knowledge and skills development, and improved digital infrastructure is crucial for harnessing the potential of Nigeria’s digital economy.”

Dr. Olufemi Ogunyemi, MD/ CEO of NEPZA assured that “NEPZA is committed to digital transformation through initiatives like 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 partnering with DiFZIN to advance our digital processes.” Also speaking, Mr. Luqman Edu, Executive Director of DiFZIN and CEO of Itana, reiterated that “DiFZIN is committed to driving regulatory reforms in taxation, banking, immigration, and ease of doing business within the free zones ecosystem.

Our goal is to create a conducive environment for global technology, finance and services-based businesses, positioning Nigeria as a hub for Africa, akin to Delaware for the US and Dubai for Asia.”