Nigeria Wants to Use Binance Crypto Exchange to Create a Virtual Free Zone

Nigerians matching
Nigerians matching

According to a press release on Saturday, the Nigerian Export Processing Zones Authority (NEPZA) is in talks with cryptocurrency exchange Binance about creating a virtual free zone that will concentrate on blockchain and the digital economy.


  • Nigeria intends to build a comparable digital city like Dubai’s.
  • Binance is focusing on Africa, opened a center for instruction in Yaoundé, Cameroon.
  • Recent research show that almost a third of Nigerians possess cryptocurrency (primarily bitcoin).


NEPZA, which aids in governing and managing free zones across the nation, wants the outcome to resemble Dubai’s virtual free zone. With the goal of fostering long-term economic growth and incentivizing a variety of cryptocurrency enterprises to obtain licenses in the emirate, Binance pledged to assist Dubai in establishing an industry hub for global digital assets in December of last year.

Adesoji Adesugba, NEPZA’s managing director, met with representatives from Binance (Nadeem Ladki and Sameera Kimatrai), as well as Talent City for Nigeria, in Dubai (Luqman Edu). The intention, according to Adesugba, is to imitate Dubai Virtual Free Zone.

[quotation]“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.”[/quotation]

Recent research show that almost a third of Nigerians possess cryptocurrency (primarily bitcoin).

Events were held by Binance in Nigeria’s Rivers, Akwa-Ibom, and Delta States between August 20 and August 24. The events featured lectures, Q&A sessions, and discussions of the blockchain ecosystem.

Additionally, Binance is aiming for Cameroon

Due to the significant demand for cryptocurrencies in the continent, Binance is focusing on Africa. The cryptocurrency exchange just opened a center for instruction in Yaoundé, Cameroon. .

Inoni Tech and the hub launched it together. In addition to educating young people about cryptocurrencies and blockchain technology, the hub will host live events.

Carine Dikambi, a representative for Binance in Africa, said the following about the education hub:

[quotation]”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.”[/quotation]

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