The Nigerian Export Processing Zones Authority (NEPZA) is planning to replicate Dubai’s virtual free zone in Nigeria.
To this end, NEPZA is in discussions with crypto exchange Binance over plans to create a virtual free zone focusing on blockchain and the digital economy, according to a press release by the agency recently.
NEPZA, which helps regulate and operate free zones in the country, wants the result to be similar to Dubai’s virtual free zone. In December last year Binance agreed to help Dubai establish an industry hub for global digital assets with the aim of promoting long term economic growth and encouraging a range of crypto companies to become licensed in the emirate.
“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,” Adesoji Adesugba, NEPZA’s managing director, said in the statement.
The initiative follows the launch last October of Nigeria’s central bank digital currency, the world’s second, following the Bahamas’ sand dollar. By August, the eNaira had been used to carry out transactions worth 4 billion naira ($9.2 million).
Reports from Coindesk