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Nigeria, Binance partner to develop digital econimic zone

Nigeria, Binance partner to develop digital econimic zone
FILE

The Federal Government and popular cryptocurrencies platform Binance Holdings Ltd. are set to create a digital economic zone.

According to Bloomberg, the digital economic zone is aimed at helping entrepreneurs fast-track blockchain technology among West African nations.

The partnership aims to build a digital hub, “similar to the Dubai virtual free zone,” according to a statement by the Nigeria Export Processing Zones Authority.

This is coming on the reels of Nigeria’s acceptance of cryptocurrency since its circulation as a report by CoinGecko revealed that Nigeria showed more interest in cryptocurrencies than any other country.

To maximise the current technology surge in the country, Nigeria is looking towards digital technology as a means to help diversify the economy away from crude oil, taking advantage of an increasingly connected and youthful population.

The government this year enacted regulations for trade in digital assets while Nigeria Exchange Ltd. plans to start a blockchain-enabled platform next year to deepen trade at the bourse.

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