As of early 2022, the self-described charter city, backed by Charter Cities Institute and Pronomos Capital, a Peter Thiel-backed venture fund, had secured over $10 million for the project situated within Alaro City, in the Lekki Free Zone, just outside of Nigeria’s largest city, Lagos. “We are building an online jurisdiction that allows global companies to remotely incorporate and operate in a Nigerian Digital Free Zone in partnership with Nigeria Export Processing Zones Authority to develop relevant policies for a groundbreaking ‘virtual city.’ Itana Free Zone will be powered by a one-stop-shop platform for business and government services, including taxation, business visas, banking, capital repatriation, and supportive legislation for businesses. We will also be building a business marketplace, working with trusted service providers including legal, tax, banking, and more. We hope to help the businesses in our zone navigate the business landscape and operations with transparency and clarity to enable growth,” Itana tweeted on the announcement.

Source: Forbes September 10, 2023 01:22 UTC