Nigerian authorities and cryptocurrency platform Binance Holdings Ltd. are discussing the creation of a digital economic zone to assist entrepreneurs in accelerating the adoption of blockchain technology in the West African country.
According to a statement from the Nigeria Export Processing Zones Authority, the partnership aims to build a digital hub “similar to the Dubai virtual free zone.”
Nigeria, Africa’s most populous country, is focusing on digital technology to diversify its economy away from crude oil, capitalizing on an increasingly connected and youthful population. Fintech startups such as Interswitch Ltd. and Flutterwave Inc. have emerged in the space and have been valued at billions of dollars or more.
The government enacted regulations for digital asset trading this year, and Nigeria Exchange Ltd. plans to launch a blockchain-enabled platform next year to expand trade at the bourse.
According to a study by price tracker CoinGecko, Nigerians have shown the most interest in cryptocurrencies of any country since the digital assets began to fall in April.