Nigeria Government To Partner With Binance For Economic Growth

Nigeria Government To Partner With Binance For Economic Growth

The federal government of Nigeria has revealed that it is in the process of securing an agreement with Binance a cryptocurrency exchange company, in other to develop a digital city, similar to that which is in existence in Dubai.

Binance is one of the world’s leading blockchains, it has developed products designed to suit its target audience and offers an extensive service of digital asset exchange.

The decision to seek a partnership with the blockchain organization is rooted in the government’s perception that it will enable the nation to maximize the capacity embedded in the technology of blockchain for the more significant benefit the citizens will enjoy.

The plan to partner was revealed through a report published by the Nigeria Export Processing Zones Authority, “In its drive to further deepen the country’s economy, the Nigeria Export Processing Zones Authority (NEPZA) is seeking partnership with Binance and Talent City for Nigeria to harbour the first Virtual Free Zone in West Africa.” part of the report stated.

Both parties in the partnership are discussing developing a digital economic zone, to assist the nation’s entrepreneurs to accelerate blockchain technology.

Journalists reports that the West African Country has its eye on digital technology as a medium to support the diversification of its economy, taking pressure away from its current major source of revenue, crude oil. The government is maximizing the advantage of technology and its strength to connect and engage the nation’s population of youths.

It is believed that the reason the government is looking towards blockchain is because of the rate of its citizen’s interaction with the technology, especially among the youths.  The digital currency has become an important asset has a priority in the nation as fluctuation has become the order of the day with the Nigerian Naira.

The Nigerian economy will be able to benefit from this partnership in various ways, some of which include a unified database, budget tracking, credit scoring and facilities, financial inclusion and many more.