In a tweet last Friday, the Nigerian Export Processing Zones Authority (NEPZA) announced that it was in discussions with crypto exchange, Binance, and Talent City to create a virtual free zone focusing on blockchain and the digital economy.
NEPZA, helps to regulate and operate free zones in Nigeria and intends to create the First Virtual Free Zone in West Africa. It is expected that the results will be similar to Dubai’s virtual free zone, which was successfully implemented by Binance last December.
Among the goals of the collaboration is to promote long-term economic growth and encourage a range of crypto companies in Dubai to obtain licenses.
The press release read “Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.”
The NEPZA managing director, Prof Adesoji Adesugba , explained the vision of his management which centers on expanding frontiers of innovations in the operations and management of free zones in Nigeria and Africa as a whole.
“Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy,”
Adesugba
Adesugba discussed these plans on Friday with Binance executive director Nadeem Ladki, Talent City CEO Luqman Edu, and NEPZA director Sikiru Lawal in Dubai.
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