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Africa Finance Corporation (AFC) is providing development funding and leading the financing of the first phase of the Itana’s digital special economic zone project valued at $100 million.

Last month, Itana announced the launch of its full-stack AI and data growth zone to power African innovation, which it described as “Africa’s first.” Mayowa Olugbile, Itana’s CEO, said the vision of the company is to fix the digital infrastructure gap and provide a home for the builders of Africa’s AI future. 

The AI/data hub is designed to empower local founders, engineers, and researchers to build and scale transformative technologies on the continent. The zone will provide local access to scalable GPUs, compliant data storage, MLOps talent, and regulatory support, enabling AI and data ventures to operate without friction, according to a statement shared with Financial Nigeria by Itana, stating limited infrastructure and not a lack of talent as what puts Africa at risk of being left behind in the AI race.

One of Nigeria’s foremost tech investors, Iyinoluwa Aboyeji, General Partner at Future Africa, is an investor in Itana.