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Nigeria, the West African country with a population of over 200 million, is planning to create a virtual free zone similar to Dubai.
A press release said that The Nigerian Export Processing Zones Authority (NEPZA) is considering to partner with crypto exchange Binance to create the free zone, specifically focused on blockchain and the digital economy in the country that has world leading crypto adoption numbers.
NEPZA’s managing director, Adesoji Adesugba, met on Friday with Binance representatives in Dubai to discuss a collaboration and said he would like to the Nigeria free zone to resemble the crypto hub plans in the Emirate. Adesugba said:
“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.”
On December 21 of last year, Binance announced it signed a Memorandum of Understanding (MoU) with the DWTCA, to assist Dubai in become a leading hotspot for crypto businesses and build a crypto ecosystem that can “generate long-term economic growth through digital innovation.”
Nigeria is one of the two countries in the world that has officially launched a central bank digital currency, the eNaira. Nevertheless, government efforts to stop the rising popularity of peer-to-peer usage of cryptocurrencies in the country have not succeeded. A 2021 survey revealed that one in three Nigerians own or have used Bitcoin and other crypto and see it as ‘freedom money’.