• Thu. Feb 2nd, 2023

FG, Binance to Explore 1tr Dollar Virtual Economy via Blockchain

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Westgate
Read Time:1 Minute, 33 Second

The modern economy is gradually developing and shifting into a virtual economic system. With the virtual economy in blockchains almost nearing $1 trillion in valuation, the Nigerian government wants to tap it through a virtual free zone. 

The virtual free zone is a project that will be a new hub for trade, innovation, and e-commerce. It will be designed to make Nigeria the first city for African trade in digital commerce, with no taxes, tariffs, or quotas on any imported goods.

The Federal Government is partnering with the biggest cryptocurrency exchange in the world, Binance, and Talent City to establish virtual free trade zones for service exports. 

The team from Binance had met with the Nigeria Export Processing Zones Authority (NEPZA) to discuss how the project was going to be a reality.

Binance was represented at the parley by Nadeem Ladki, its Executive Director, Regional Strategic Partnerships, and Sameera Kimatrai, Binance Senior Legal Counsel, while Luqman Edu, Chief Executive of Talent City, and Engr Sikiru Lawal, NEPZA’s Director of Projects and Procurement

The partnership was necessary after holding meetings with officials of the two firms on Friday in Dubai, United Arab Emirates, according to a statement from Managing Director, NEPZA,  Professor Adesoji Adesugba.

Professor Adesugba said the partnership, when agreed, would birth a virtual free zone similar to the one in Dubai. 

He said the vision would be centered on expanding the frontiers of innovations in the operations and management of free zones in Nigeria and Africa.

“We seek to break new ground to widen economic opportunities for our citizens in line with the authority’s mandate, the directive of the honorable minister, and the economic development plan of President Muhammadu Buhari.

“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,” Adesugba said.

AIT
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