President Bola Tinubu has directed the Federal Government to develop a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days.

The President tasked the Minister of Trade and Investment, Jumoke Oduwole, to coordinate the process with the Presidential Steering Committee on Digital Free Zones and the Itana Innovation project.

Tinubu said the initiative would enable Nigerian technology and service companies to attract global capital, create jobs and serve international markets while keeping their businesses and intellectual property in Nigeria.

He said the government wanted more economic value generated by Nigerian talent to remain in the country through employment, investment, professional services and intellectual property.

The President established the Presidential Steering Committee to modernise Nigeria’s free zone framework for the digital economy, with the initiative covering areas including regulation, taxation, banking, immigration, arbitration and digitisation of government processes.

Itana, Nigeria’s first Digital Free Zone, has already been licensed by the Nigeria Export Processing Zones Authority (NEPZA), while the Africa Finance Corporation is backing its $500m innovation project in Alaro City, Lagos.

Tinubu said the initiative would help Nigerian and African companies raise capital and scale globally from Nigeria, while creating opportunities for Nigerians to work remotely for international companies without leaving the country.