The announcement was made at the Global Africa Business Initiative (GABI), held during the United Nations General Assembly.

AFC will lead the financing of the first phase of the Itana project, which is valued at $100 million.

The corporation is working with Itana alongside partners such as Future Africa, PwC Nigeria, and Charter Cities Institute as part of the Initiative for the Promotion of Digital Economic Zones in Nigeria (DiFZIN).

In August 2024, the Nigerian government established a steering committee dedicated to the development of digital economic zones.

The committee includes key ministers, such as those from finance, justice, industry, trade, investment, communications, and the digital economy.

Africa’s digital economy has seen substantial growth over the past decade, with the number of internet users rising from 216 million in 2015 to 728 million by 2024.

Startup funding has also surged, with African startups raising over $4 billion in 2023, up from less than $200 million in 2015.

However, despite these positive trends, regulatory challenges in key startup hubs like Nigeria have caused many entrepreneurs and investors to hesitate.

Itana aims to address these challenges by fostering more favorable conditions for the digital economy.

Itana, co-founded by CEO Luqman Edu, COO Coco Liu, and Iyinoluwa Aboyeji of Future Africa, is developing a digital economic zone in Lagos, Nigeria.

This zone is designed for businesses in tech, finance, and services seeking to expand across Africa.

Companies that register within the Itana free zone will benefit from exemptions such as corporate income tax and value-added tax, along with the freedom to process payments in any currency and avoid import duties on physical products.

Since its founding, Itana has raised $2 million from investors, including Future Africa, Promonos Capital, and LocalGlobe.

The first phase of its development includes a tech campus in Nigeria that will accommodate up to 5,000 people.

Itana already boasts over 2,000 digital members, and several businesses have been licensed to operate within the zone, with more in the application pipeline.