The Nigeria Export Processing Zones Authority (NEPZA) has announced its plans to create a free virtual zone area, in partnership with Binance Crypto Exchange and Talent City, to further create enabling environments for businesses and investments in the West African country.
- The Free Virtual Zone in Nigeria is targeted at expanding the frontiers of innovations in the operations and management of free zones businesses in Nigeria and Africa, Prof, Adesoji Adesugba, NEPZA's Managing Director claims.
- The NEPZA boss further indicated the virtual zone would be like the Dubai Virtual Free Zone which is currently operational. The Dubai Virtual Commercial City is a project by the Dubai government to be a hub for trade, innovation, and e-commerce.
- The Dubai virtual area allows companies to operate from anywhere in the world with full control over the businesses. The zone is also tax, tariff, and quota-free. Dubai partnered with Binance last December, to build the industrial hub for long-term economic sustenance in the emirate.
- The virtual free zone idea for Nigeria is based on the successful implementation of its digital currency, eNaira, with which over N4 billion ($9.2 million) transactions have been completed since it launched in 2021.