Home Technology Blockchain Nigeria, Binance in talks for digital city to develop blockchain Nigeria is targetting digital technology as a means to help diversify the economy away from crude oil by Bloomberg September 5, 2022 Nigerian authorities and cryptocurrencies platform Binance Holdings are in talks to establish a digital economic zone that will help entrepreneurs fast track blockchain technology in the West African nation. The partnership aims to build a digital hub, “similar to the Dubai virtual free zone,” according to statement by the Nigeria Export Processing Zones Authority. Nigeria, Africa’s most populous nation, is targetting digital technology as a means to help diversify the economy away from crude oil, taking advantage of an increasingly connected and youthful population. Fintech startups such as Interswitch and Flutterwave has emerged in the space and achieved billion-dollar plus valuations. The government this year enacted regulations for trade in digital assets while Nigeria Exchange plans to start a blockchain-enabled platform next year to deepen trade at the bourse. Nigeria’s citizens showed more interest in cryptocurrencies than any other country since the digital assets began to decline in April, according to a study by price tracker CoinGecko. Read: Inery Blockchain launches its first public testnet Tags Binance Blockchain cryptocurrency Nigeria Technology 0 Comments You might also like Insights: How UAE is enabling network transformation in the AI age Bitcoin ETFs take $50bn baby steps toward big-time Industry insights: How Saudi Arabia’s fintech scene is evolving How Dubai is leveraging technology to enhance guest experiences