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Binance in Talks with Nigeria Over Crypto Economic Zone

 

NEPZA, a governmental trade body in Nigeria, is seeking out Binance to help develop a virtual free-trade zone in the country.

This follows a meeting held in Dubai between NEPZA’s Managing Director, Mr Adesoji Adesugba, and Binance Executive Director for Business Development and Strategic Partnerships, Nadeem Ladki.

In full, NEPZA stands for Nigeria Export Processing Zones Authority and has the role of establishing and managing free zones that facilitate manufacturing and commercial activities in Nigeria.

Free economic zones, or special economic zones, are designated areas in which companies are taxed very lightly or not at all to encourage economic activity.

NEPZA is seeking to attract innovation to the virtual trade zone that it is proposing, and is seeking a partnership with both Binance and Talent City to create something similar to the Dubai Virtual Free Zone.

Speaking on the possible partnership with Binance, Mr. Adesugba said:

“We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority. 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.” – Managing Director, NEPZA

The meeting in Dubai was also attended by Talent City CEO.

 

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