Destination Branding: Nigeria To Build West Africa’s First Digital City
The Nigeria Export Processing Zone Authority, NEPZA, is in talks with some international partners over plans to create a special economic zone focused on crypto and blockchain-related businesses.
A statement quoted NEPZA’s Managing Director, Professor Adesoji Adesugba, to have over the weekend said that the project is targeted at promoting digital entrepreneurship around blockchain technology.
NEPZA held preliminary discussions with Binance and technology infrastructure firm Talent City in a bid to establish the country’s “Virtual Free Zone”, according to a recent press release.
According to Adesugba, the proposed digital hub will be the first ever in West Africa. It will be similar to Dubai’s virtual free zone, which aims to provide crypto-friendly regulations and tax incentives for crypto-focused businesses. “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 in the official statement.
Nigeria is one of the countries with the largest community of cryptocurrency users, and the fastest-growing crypto market in Africa. The country also became the first on the continent to launch a central bank digital currency (CBDC) in October 2021.
Since the eNaira started being used, nearly $10 million worth of transactions have been completed.
“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,” Adesugba added.