Founders Factory Africa changes name to 54 Collective – Nigerian CommunicationWeek

The committee, chaired by President Bola Ahmed Tinubu, is tasked with overseeing the creation of digital free zones that aim to attract and support technology finance and services companies in an enabling environment suited to digital commerce and the 21st century technological era.

A statement issued by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, said the steering committee also includes the Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun, who serves as Vice-Chairman, as well as other key government officials.

Also members are the Attorney General of the Federation and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi, SAN; the Ministers of Communications, Innovation and Digital Economy, Dr. Bosun Tijani; the Ministers of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; the Minister of Interior, Mr. Olubunmi Tunji-Ojo; as well as the heads of relevant government agencies.

The Digital Free Zones Initiative in Nigeria (DiFZIN) serves as the private sector stakeholder representative and technical advisor on the committee. DiFZIN, a non-profit advocacy and policy research organization, is supported by a consortium of private sector development and advisory institutions, including Africa Finance Corporation, PwC Nigeria, Charter Cities Institute, Future Africa, and Itana.

The mission is to transform the Nigerian free zone ecosystem into a premier African hub for global technology, finance and services.

The Committee will work with relevant government agencies and private stakeholders to update Nigeria’s free zone policy and 30-year-old regulatory framework, technology and processes to align with global standards.

This includes developing and publishing a policy and operational framework to enable qualified global and local technology, finance and services companies to establish pan-African or global operations headquartered in Nigeria.

Businesses operating in the zones will benefit from modernized free zone regulations, including tax, banking and immigration incentives, simplified procedures for compliance with government requirements and a stable regulatory environment.

The strategic objectives include increasing foreign direct investment, creating jobs and facilitating the inflow of foreign exchange through an innovative approach to the free zone ecosystem.

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

The statement quoted the Vice Chairman of the Steering Committee, Mr Wale Edun, as saying: “The critical role of free zones in stimulating and sustaining economic growth in Nigeria cannot be overemphasized.

In the age of digitalization, we need to integrate technology-focused enterprises to attract investments and showcase our domestic talents within a liberal regulatory framework.”

He added that the government “seeks to provide these benefits through free internet access zones.”

In his speech, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani noted, “By implementing the concept of Digital Free Zones in Nigeria, we have a unique opportunity to promote the local presence of global technology companies to drive skills development and job creation in the field of innovation and technology and contribute to the development of the local economy.

“An ecosystem tailored to support innovation, knowledge and skills development and improved digital infrastructure are critical to realizing the potential of Nigeria’s digital economy.”

On his part, NEPZA Managing Director/CEO, Dr. Olufemi Ogunyemi, assured that “NEPZA is committed to digital transformation through initiatives such as the e-NEPZA platform, which will streamline government services and align with the Federal Government’s Ease of Doing Business Policy. We look forward to partnering with DiFZIN to advance our digital processes.”

Also, Mr. Luqman Edu, Executive Director of DiFZIN and CEO of Itana, confirmed that “DiFZIN is committed to driving regulatory reforms in the areas of taxation, banking, immigration and facilitating business in the free zone ecosystem.”

According to him, “our aim is to create an enabling environment for global technology, finance and services businesses, positioning Nigeria as a hub for Africa, similar to Delaware for the US and Dubai for Asia.”

Mr. Banji Fehintola, Executive Director and Head of Financial Services at AFC, informed that “AFC’s advisory team is skilled in providing tailored financial and technical advice across Africa. We look forward to working with DiFZIN to modernize Nigeria’s Free Trade Zones, attract investment, create jobs and increase trade and commerce in Nigeria and Africa.”

The statement revealed that the Digital Free Zones will leverage cutting-edge technologies such as artificial intelligence (AI) and edge computing, fostering an environment conducive to innovation, job creation and economic expansion.

“These ecosystems will support business growth and competitiveness through an enabling regulatory framework, facilitating seamless integration of emerging technologies into business operations,” it added.