The Nigerian government agency in charge of export processing zones, EPZA, has announced that it is in talks with cryptocurrency exchange Binance to establish a “virtual free zone” dedicated to blockchain technology and the digital economy, reports Cryptonews.
The National Economic and Production Zones Authority (NEPZA) hopes that the end outcome will be comparable to Dubai’s online free zone.
Intending to foster sustainable economic growth and lure a wide variety of crypto enterprises to become licensed in the emirate, Binance committed in December of last year to assist Dubai in establishing an industrial hub for global digital assets.
According to Bloomberg reports, the government of Nigeria is in advanced talks with the crypto exchange giant to jointly establish a digital area in the country, which would be a boon to the growth of fintech and digital assets in Africa.
As reported by Bloomberg, the plan would be to build a future digital hub in the vein of Dubai, which has adopted strict restrictions for the promotion and marketing of the bitcoin and blockchain industry.
Nigeria Export Processing Zones Authority (NEPZA) Chief Executive Officer Prof. Adesoji Adesugba, who is widely regarded as the government’s primary point of contact in its planned partnership with Binance to accomplish this initiative, said:
“Our goal is to generate a thriving virtual free zone to take advantage of a nearly trillion-dollar virtual economy in blockchain and the digital economy.”