Itana raises $2m to build Africa's first digital zone

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.