Nigeria And Binance Collaborate To Build A First Digital Economic Zone

Nigerian authorities and cryptocurrencies platform Binance Holdings Ltd. are in talks to establish a digital economic zone that will help entrepreneurs fast track blockchain technology in the West African nation.

According to a report stating that the Nigerian authorities intend to build an area similar to Dubai’s virtual free zone. The space upon completion will be the first in the West Africa region.

According to a statement by the Nigeria Export Processing Zones Authority, the partnership intends to create a digital hub “akin to the Dubai virtual free zone“.

“goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.”

NEPZA’s Managing Director, Adesoji Adesugba, said the country’s

Nigeria, the most populous country in Africa, is focusing on digital technology as a way to diversify its economy away from crude oil and take advantage of a population that is becoming more connected and youthful. Startups in the fintech industry with valuations of $1 billion or more include Interswitch Ltd. and Flutterwave Inc.

The government passed laws governing the trading of digital assets this year, and Nigeria Exchange Ltd. wants to launch a blockchain-enabled platform the next year to expand trading at the exchange.

Binance’s collaboration with Nigeria follows a similar move the company made with South Korea’s city of Busan. 

The Changpeng Zhao-led exchange had signed a memorandum of understanding (MoU) with the city of Busan to ensure technological and infrastructural support for the city.

The move is designed to help develop the city’s blockchain ecosystem and also the promotion of Busan’s Digital Asset Exchange. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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