The Nigerian government has held preliminary meetings with the world's largest crypto exchange, Binance to create a special economic zone aimed at supporting the crypto sector and blockchain-related businesses.
According to the Nigerian Export Processing Zone Authority (NEPZA), the authority held preliminary discussions with Binance and technology infrastructure company Talent City to discuss the development of a proposed digital city including what is referred to as a "Virtual Free Zone".
The discussion was attended by NEPZA managing director Adesoji Adesugba, Binance executive director Nadeem Ladki, Talent City CEO Luqman Edu and NEPZA director Sikiru Lawai in Dubai.
Next, Adesugba stated that zones formed aimed at providing crypto-friendly laws, regulations and tax incentives will be created in West Africa and Dubai's virtual zone.
In reality, Nigeria has the highest cryptocurrency adoption rate in the world with over 22 million crypto owners reported.
Therefore, the zone will not only help develop Nigeria's digital economy and expand employment opportunities for the country's citizens, but the aim is to create a virtual free zone by leveraging the virtual economy in the blockchain, said Adesugba.
He added that the action will be part of Nigeria's economic development agenda including its vision to continue to increase the use of crypto in the West African region.
In essence, the Nigerian government strives to expand economic opportunities to the people in line with the mandate of the Authority of the Honorable Minister and the economic development agenda of President Muhammadu Buhari.
