Nigeria is in ongoing discussions with Binance for a Digital Economic Zone powered by Blockchain Technology.

The Nigerian government would like to develop a Virtual Free Zone – and Binance might be their main crypto partner. The digital economic zone will be the first virtual free zone in West Africa once it is complete. The Nigerian government has initiated discussions with Binance through the Nigerian Export Processing Zones Authority (NEPZA) to discuss the formulation of these plans.

The conversation between the Nigerian authorities and cryptocurrencies platform Binance Holdings Ltd in establishing a digital economic zone will aid entrepreneurs in fast-tracking blockchain technology in the West African nation. The Nigeria Export Processing Zones Authority (NEPZA) recently declared a partnership with Binance. The Authority is responsible for aiding the government to regulate and operate free zones in the West African country. NEPZA stated that it intends to develop a hub of a digital economic zone similar to the Dubai Virtual Free Zone aided by the leading cryptocurrency exchange. The preliminary meeting is sure to yield significant benefits.

Binance initiative in boosting mainstream Blockchain Adoption

Crypto Lists Ltd understands that this agreement with the West African nation is compared to previous engagements between Binance and Dubai. In December 2021, Binance accepted to facilitate Dubai’s establishment of an industry hub for global digital assets. It promoted long-term economic growth and development while encouraging crypto companies to pursue licensing in the United Arab Emirates (U.A.E).

Binance’s partnership with Nigeria is similar to its collaboration with the South Korean city of Busan. The crypto exchange company had a signed memorandum of understanding(MoU) with Busan authorities for technological and infrastructural support. This develops the blockchain ecosystem and promotes the city’s Digital Asset Exchange.

Furthermore, the Securities and Exchange Regulator of Cambodia(SERC) partnered with the exchange platform to develop the nation’s security sector. Cameroon has also partnered with Binance to boost crypto and blockchain adoption.


Get Binance

Rating: 9.27/10
Number of instruments: 1411+ instruments

Description: The world’s most used crypto site. In case you do not have an account yet, give Binance a try now!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


The Ever growing Crypto Adoption in Nigeria

The Managing Director of NEPZA, Adesoji Adesugba, disclosed that the primary objective of the authority is to give rise to a thriving virtual free zone and benefit from the near trillion dollar economy in blockchains and digital economy. The West African nation is the most populous in the continent. It aims to utilise digital technology in diversifying the economy from the crude oil industry. The country’s economy is dependent on oil and the virtual free zone would also effectively attract the ever-increasingly connected and youthful population. Interest in the digital space has seen the country promote the emergence of fintech startups such as Flutterwave Inc. and Interswitch Ltd with billion-dollar valuations.

The Nigerian government had earlier enacted regulations for trade in digital assets. Further, Nigeria Exchange Limited has plans to develop a blockchain-enabled platform this upcoming year to further trade at the bourse and increase investment in its regional economy. This was confirmed in June this year by the Chief Executive Officer of Nigeria Exchange Limited, Temi Popoola, as a way of reaching out to young investors and expanding its reach.

The country has one of the highest cryptocurrency adoptions globally, alongside Kenya, South Africa, and Tanzania, with an estimated 22 million crypto owners. Nigeria has made significant progress in the adoption of Bitcoin in particular. Its crypto market is among the fastest growing with its peer-to-peer Bitcoin trading volume exceeding $1 billion between January 2022 and June 2022. Crypto Lists confirms, as outlined by Paxful, a P2P crypto exchange platform the country is among the most significant markets globally. The P2P platform indicates that the country’s trading volume in the first half of this year was $400 million when added to that of 2021 of $760 million.

The recent initiative to partner with Binance is on the back of Nigeria’s Central Bank digital currency launch in October 2021. It became the second after the Bahamas Sand dollar. The eNaira is the digital currency and has amassed transactions worth 4 billion Naira($9.2 million).

Warning: count(): Parameter must be an array or an object that implements Countable in /home/dme/public_html/cryptolists.com/inc.CasinoEntry.php on line 91

Crypto is still banned in Nigeria

Despite the country’s high crypto adoption, its government is still hostile to the industry and has banned crypto. The Central Bank of Nigeria ordered a halt by commercial banks to enable crypto transactions. Its Supreme Court cited the threat to the broader financial economy of the country. This did not stop the young population from using cryptocurrency. Nigeria’s Securities and Exchange Commission published regulations on digital assets in the country to protect investors and facilitate market transparency. It deduces that this indicates favour towards the technology.

by Our Certified Author
Binance Newsflash
    Binance successfully registers with Swedish regulatorBinance successfully registers with Swedish regulator
    Wednesday, 11 Jan 2023 2:41 pm
    Swedish crypto fans can rejoice as they now have another regulated exchange to choose from: the mighty Binance. This news follows on from other successful registrations in The registration in Sweden follows those in France, Italy, Lithuania, Spain, Cyprus and Poland. With the Swedish approval being the seventh in the EU. Want to open a free account? Sign up for Binance now and use a regulated exchange for crypto buying, selling, and trading!


    BNB rallies through FUD - most active network in past 24hrsBNB rallies through FUD - most active network in past 24hrs
    Sunday, 18 Dec 2022 3:37 pm
    The BNB Network, most closely associated with the Binance exchange has been the most active blockchain this past day.This is despite glooomy rumors surrounding the company, and withdrawals of roughly $5bn. Ethereum and Polygon comprised the rest of the top three in terms of 24hr activity...
    Read the full newsflash


    Binance.US annnounces zero Ether trading feesBinance.US annnounces zero Ether trading fees
    Saturday, 10 Dec 2022 10:49 am
    In excellent news, Binance.US, the United States' arm of the enormous exchange has announced zero trading fees on Ethereum (ETH). This follows on from the company's zero Bitcoin fees in a move sure to result in a surge of activity...
    Read the full newsflash


    Binance is back in the Japanese market with a new ventureBinance is back in the Japanese market with a new venture
    Wednesday, 30 Nov 2022 11:07 am
    Binance is poised to reenter the Japanese market after it purchased the Japanese crypto company, Sakura Exchange BitCoin. The deal is to be finalized for Binance to operate in the country as Sakura has a license with Japan's Financial Services Agency although there is no disclosure on the transaction terms. This would be Binance's first license in East Asia after previous warnings by regulators on its unauthorized activities last year. This was the second time after the FSA confronted the exchange in 2018...
    Read the full newsflash

New crypto casinos
Recent crypto sites
Recent crypto coins
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top