The Nigerian authority reportedly organized a preliminary discussion with crypto exchange Binance for a possible establishment of a special economic zone assisting crypto and blockchain-associated ventures.

Specifically, as revealed via a Sept. 2 post from the Nigeria Export Processing Zones Authority (NEPZA), the local government has reportedly organized preliminary meetings with Binance and technology infrastructure firm Talent City to talk about the proposed digital city, also known as as a “Virtual Free Zone.”

NEPZA managing director Adesoji Adesugba reportedly claimed that the proposed zone will be a pioneering initiatiave in West Africa, with the same features to Dubai’s virtual zones, which are built with a primary goal of offering crypto-friendly laws, regulations, and tax incentives for crypto businesses.

Nigeria reportedly clocked in one of the top rates of cryptocurrency adoption throughout the globe, with more than 22 million crypto owners, per insights from Triple A.

Adesugba further remarked that the zone would provide assistance in building Nigeria’s digital economy and “widen employment opportunities” for Nigerian citizens. 

“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.”

The early-stage plans were a topic of discussion on September 2nd at a meeting between Adesugba, Binance Executive Director Nadeem Ladki, Talent City CEO Luqman Edu, and NEPZA director Sikiru Lawal in Dubai.

Adesugba additionally stated that the initiative would be included in the scope of Nigeria’s economic development agenda, with the vision to amplify crypto adoption in the West African area.

“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 Honorable Minister and the economic development agenda of President Muhammadu Buhari,” he said.