- Nigeria and Binance are negotiating a digital economic zone.
- The partnership intends to create a hub “akin to the Dubai virtual free zone”.
- Startups in the fintech industry with valuations of $1 billion or more include Interswitch Ltd and Flutterwave Inc.
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are negotiating to create a digital economic zone that will support blockchain technology adoption by businesses in the West African country.
According to a statement by the Nigeria Export Processing Zones Authority, the partnership intends to create a digital hub “akin to the Dubai virtual free zone.”
Nigeria, the most populous country in Africa, is focusing on digital technology as a way to diversify its economy away from crude oil and take advantage of a population that is becoming more connected and youthful. Startups in the fintech industry with valuations of $1 billion or more include Interswitch Ltd. and Flutterwave Inc.
The government passed laws governing the trading of digital assets this year, and Nigeria Exchange Ltd. wants to launch a blockchain-enabled platform the next year to expand trading at the exchange.
Since the value of cryptocurrencies started to decrease in April, Nigerians have shown the most interest of any nation, according to a survey by price tracker CoinGecko.