Nigeria in talks with Binance for a Digital City

The Nigerian government has tapped leading cryptocurrency exchange Binance to help develop a crypto-friendly digital economic zone in the country.

Announced on Saturday by the Nigeria Export Processing Zone Authority (NEPZA), the project is targeted at promoting digital entrepreneurship around blockchain technology.

According to a press release NEPZA shared, the idea is to have Nigeria host a Virtual Free Zone, the first in West Africa and anchored on the globally popular Dubai virtual free zone. 

The vision for the project, which could extend Binance’s reach in the country and across the continent, was hinted to by NEPZA managing director Prof Adesoji Adesugba while in Dubai, the United Arab Emirates.

The NEPZA official noted in the announcement that the project will offer more economic opportunities for innovators and entreprenuers in Nigeria, and aligns with the government’s development agenda.

He added:

“Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.”

Nigeria is one of the countries with the largest community of cryptocurrency users, the fastest-growing crypto market in Africa. The country also became the first on the continent to launch a central bank digital currency (CBDC) in October 2021.

Since the eNaira started being used, nearly $10 million worth of transactions have been completed.