Itana, Nigeria's first licensed digital economic zone management business, and Africa Finance Corporation (AFC), the continent's infrastructure solutions provider, have agreed to co-develop Africa's first digital economic zone to unlock the digital economy.

The zone is being established to allow global and pan-African technology, finance, and service-based businesses to easily operate and scale across Africa.

The AFC and Itana relationship was formalised last week at the Global Africa Business Initiative, which was held in conjunction with the United Nations General Assembly in New York.

According to a statement from the AFC, the Itana Digital Economic Zone in Lagos, Nigeria, is intended to act as an online jurisdiction and a gateway to building global businesses in Nigeria.

Through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimised for the digital economy.

AFC will support Itana with project development funding and intends to lead in the financing of phase one of the Itana project which is budgeted at around $100m.

This will, according to AFC, will include an eco-friendly tech campus in Lagos, Nigeria, and funding of start-ups in Accelerate Africa, the accelerator program of Itana in partnership with Future Africa.

“Itana intends to be to Nigeria and Africa what Delaware and Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union,” said Luqman Edu, CEO of Itana.

“Itana is poised as the gateway to doing business in Africa. Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry”.

Samaila Zubairu, president and CEO, AFC, added: “Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a burgeoning youth population, and the growing importance of digital commerce and services

“In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone. This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent.”