Itana raises $2m to build Africa's first digital zone
1 min Read September 6, 2023 at 1:31 PM UTC

Highlights
- Talent City—now known as Itana, a charter city being built in Nigeria has raised a $2 million pre-seed, money it intends to use to establish a digital free zone.
- Itana, envisioned as a fully online jurisdiction for the digital economy, with the ideal policies, business services, and technology for businesses to remotely operate and scale with ease across Africa, is primed to be the continent’s first digital free zone.
- The funding will support the startup’s efforts to improve Nigeria’s ease-of-doing-business index, drive foreign direct investment (FDI), and catalyze employment in Nigeria.
Source: TechCrunch
Our Takeaway
While Itana may sound like a concept from the distant future, there are several compelling factors that could contribute to the realization of its vision. Africa is ripe with opportunities for software developers and foreign direct investments, as evidenced by Stripe Atlas data indicating a remarkable 400% year-on-year growth in incorporated businesses originating from Nigeria. Moreover, within the country, there are promising initiatives like the Nigerian Startup Act and the appointment of Bosun Tijani, a tech CEO, as the Minister of Innovation and Digital Economy. Tijani’s role has the potential to catalyze the development of ambitious nationwide projects within Nigeria’s tech community, including bold ventures like Itana’s.
This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.






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