The Nigerian Government has announced a partnership with crypto trading platform Binance to build a digital economic zone that will help promote Fintech businesses while fostering the growth of the local blockchain industry.
In a statement, the Nigeria Export Processing Zones Authority (NEPZA) noted it would partner with Binance to establish the first virtual free zone in West Africa, which would be similar to the Dubai Virtual Free Zone.
“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,” Prof Adesoji Adesugba, NEPZA’s Managing Director said in the statement.
The news comes hot off the heels of another partnership Binance signed with Busan where the crypto exchange will provide technological and infrastructure support to the South Korean city’s blockchain development efforts.
Blockchain Adoption in Africa
Nigeria, Africa’s most populous nation, is among the top three African Countries including Kenya and South Africa ranked among the top ten countries in cryptocurrency adoption globally.
According to Bloomberg, the country is targeting digital technology as a means to help diversify the economy away from crude oil, taking advantage of an increasingly connected and youthful population.