Binance, a major cryptocurrency exchange, is growing its influence in Africa by partnering with Nigerian officials; to create a digital economic zone akin to Dubai.
Adesoji Adesugba, the managing director of the Nigeria Export Processing Zones Authority, was quoted in a statement as saying, “Our goal is to nurture a flourishing virtual free [zone] to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.” The project’s further specifics were not disclosed.
According to Triple A, Nigeria has one of the highest rates of cryptocurrency adoption worldwide. Currently with over 22 million crypto owners.
The virtual free zone idea for Nigeria is on the successful implementation of its digital currency, eNaira. Which over N4 billion ($9.2 million) transactions have been in completion since it launched in 2021.