Tinubu gives 180-day deadline for Digital Free Zones rollout

President Bola Tinubu has directed the Minister of Trade and Investment, Dr Jumoke Oduwole, to develop a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days.

Tinubu gave the directive as his administration moves to create an enabling environment for Nigerian technology and service companies to raise global capital, create jobs and serve international markets without relocating their businesses and intellectual property abroad.

The President directed Oduwole, in her capacity as Vice-Chairman and Implementation Coordinator of the Presidential Steering Committee on Digital Free Zones, to work with the Itana Innovation project and the committee to develop the roadmap for the full launch of the initiative within the 180-day period.

Tinubu said the initiative was designed to modernise Nigeria’s free zone framework, established more than three decades ago, to meet the requirements of the digital economy.

“Nigeria has the talent, enterprise and ambition to build companies that can compete anywhere in the world. Our responsibility as a government is to ensure that Nigerians do not have to leave Nigeria or rely on other jurisdictions to realise that potential,” the President said.

He said the government wanted more of the economic value created by Nigerian talent to remain in the country through jobs, investment, professional services, intellectual property and the growth of Nigerian businesses.

“For too long, some of our most promising young entrepreneurs have felt compelled to establish their companies and intellectual property abroad to access global capital and markets. I do not accept that this must remain the case,” Tinubu said.

“I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil,” he added.