TheCable

The Nigeria Export Processing Zones Authority (NEPZA) says it would partner Binance and Talent City to establish the first virtual free zone in West Africa.

NEPZA disclosed this in a statement issued on Friday by Martins Odey, its head of corporate communications.

According to the statement, NEPZA made the partnership deal after holding meetings with officials of the two firms in Dubai, United Arab Emirates.

Free zones are economic areas where goods and services can be traded.

They are also known as free trade zones or free zone authorities, and attract zero percent tax rates, preferential customs duty rates and 100 percent import and export tax exemption that helps improve international businesses.

Speaking at the meeting, Adesoji Adesugba, NEPZA’s managing director, said the partnership was necessary to expand the country’s economy.

According to him, when the partnership is finalised, it would birth a virtual free zone similar to the one in Dubai.

Adesugba added that the vision of his management is centred on expanding frontiers of innovations in the operations and management of free zones in Nigeria and Africa as a whole.

“We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the authority, the directive of the honourable minister and the economic development agenda of President Muhammadu Buhari,” he said.

“Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.”

Meanwhile, the meeting had in attendance Nadeem Ladki, Binance executive director, regional strategic partnerships; Sameera Kimatrai, Binance senior legal counsel; Luqman Edu, chief executive, Talent City; and Sikiru Lawal, NEPZA’s director of projects and procurement.

While Binance is a global digital, blockchain finance services firm operating worldwide, Talent City is an innovative community designed and built for the future of work, where remote work-friendly policies, co-living, speedy internet and reliable infrastructure seamlessly integrate.