Nigeria and Binance Set To Build Crypto-friendly Zones In Nigeria

The latest news revealed that the Nigerian regulators recently talked with Binance about a potential partnership. The partnership would reportedly create a crypto-friendly megacity that supports crypto-related products and services. 

Nigeria, Talent City, and Binance Partners To Build Virtual Zones

The Managing Director of Nigeria Export Processing Zone Authority (NEPZA), Professor Adesoji Adesugba, tweeted the details of the partnership on September 2. According to him, the NEPZA’s recent meetings with Binance exchange and Talent City concerned the establishment of a mega Virtual free zone in Nigeria.

According to the tweet, Adesoji explained that the proposed crypto-friendly zone would be the first of its kind in Africa. He added that the zone would provide lenient crypto tax, laws, and other user-friendly activities for investors, just like the virtual zones in Dubai does.

In his tweet, professor Adesoji stated that the virtual free zones would help to improve the digital economy of Nigeria. Additionally, the MD continued that the partnership would help the country to tap into the flourishing blockchain and digital space Worth about $1 trillion. 

Furthermore, Adesoji added that the nation would include the new movement in its economic growth agenda and also aim to drive the adoption of cryptocurrency further across the West African areas.

The professor added that the CEO of Talent City, Luqman Edu, the Executive Director of Binance, Nadeem Ledki, and the Director at NEPZA, Sikiru Lawal, were all in attendance at the Dubai meeting. He stated that they discussed the early-stage procedures of the proposed virtual zone. However, he did not disclose further details of their discussions.

Crypto Industry Continues To Receive Wide Adoption In Nigeria

Meanwhile, the crypto industry continues to receive wide adoption from many African countries. Analysts associated the reason with inflation, poor economic conditions coupled with a flawed financial system, and unstable government policies that defy most African countries.

The latest survey from an analytic firm, CoinGecko, reportedly stated that Nigerian citizens have the highest rate of crypto enthusiasts in Africa. The survey showed that Nigerians had searched crypto-related words in more than 14 other countries under the survey.

Meanwhile, statistics showed that Nigeria has over 22 million crypto investors according to statistics. Furthermore, Nigeria introduced the eNaira as its central bank digital currency in October 2021. The Nigerian CBDC is still in its second state, and it can get onboard both the banked and the unbanked Nigerians. 

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