A Virtual Free Zone in Africa Is Being Discussed with Binance

Monday, 05/09/2022 | 09:43 GMT by Matti Williamson

The Nigeria Export Processing Zones Authority is planning to create a Virtual Free Zone.

Talent City for Nigeria was also approached 'to widen economic opportunities'.

The Nigeria Export Processing Zones Authority (NEPZA) is looking to partner with Binance and Talent City for Nigeria to launch the one of its kind Virtual Free Zone in Africa.

Adesoji Adesugba, the NEPZA’s Managing Director held meetings in Dubai with officials from Binance (Nadeem Ladki and Sameera Kimatrai) and Talent City for Nigeria (Luqman Edu).

Adesugba's hinted that the goal is to replicate Dubai Virtual Free Zone: “We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister and the economic development agenda 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."

According to recent studies, approximately a third of Nigerians own cryptocurrencies (primarily bitcoin).

Between 20 August and 24 August, Binance hosted events in Rivers, Akwa-Ibom and the Delta States in Nigeria. The events included Q&A sessions, lectures and coverage of the blockchain ecosystem.

Binance Is Also Targeting Cameroon

Binance is targeting Africa due to the high demand for cryptocurrencies in the region. The crypto exchange has recently launched an education hub in Yaoundé, Cameroon.

The hub was launched in partnership with Inoni Tech. Aside from educating youth on cryptocurrencies and blockchain tech, the hub will offer in-person events.

Carine Dikambi, a Binance official in Africa made the following statement on the education hub: “Africans continue to interact with crypto in very different ways, establishing some of its most important use cases and opportunities for greater financial inclusion.

“Through the Binance crypto hub, we see a more on-the-ground approach as an essential step in demystifying the concepts, fostering the right understanding of the many opportunities that education, web 3.0 and blockchain ecosystem can bring to Cameroon and ultimately, Francophone Africa.”