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Binance Holdings Are In Discussions To Create A Digital Economic Zone In Nigeria

Nigerian officials and Binance Holdings are in discussions to create a digital economic zone that will support blockchain technology adoption by businesses in the West African country.

Following the policies that the country is taking to grow their economy.

The Nigeria Export Processing Zones Authority said that the goal of the partnership is to make a "digital free zone" like the one in Dubai.

Nigeria, the most populous country in Africa, is using digital technology to diversify its economy away from crude oil by leveraging a younger, more connected populace.

Startups in the fintech industry, such as Interswitch Ltd. and Flutterwave Inc., have appeared and have been valued at $1 billion or more.

The Nigeria Exchange Ltd. intends to launch a blockchain-enabled platform next year to expand trade in the market while the government passed legislation for the trading of digital assets this year.

According to a survey by price monitor CoinGecko, Nigerians have shown the most interest in cryptocurrencies of any nation since the collapse of the digital currency started in April.

Coin With The Symbol Of Bitcoin
Coin With The Symbol Of Bitcoin

What To Expect From Binance Digital City In Nigeria?

The drive to build smart cities that support this expanding lifestyle has been accelerated by the rise of technology-driven solutions, and Africa's largest economy is on the right track to achieving this.

After long talks with Binance, the world's largest cryptocurrency exchange, to jointly develop a fully digital region of the nation.

According to the federal government, this would encourage the growth of digital assets and fintech in the African nation.

Leading to the creation of a cutting-edge urban transportation system, an automated water supply, a waste management system, as well as a steady supply of power.

For the benefit of its citizens and organizations, a digital city is a place where traditional networks and services are improved via the use of digital technologies.

This, according to experts, indicates the need for a more engaged and responsive local government, safer public areas, and care for the needs of an elderly population.

A digital city is also a data-driven city.

A well-articulated data analytics strategy gives municipal administrators the opportunity to access and analyze a vast quantity of information in real-time while gaining valuable, practical insights, according to Olufemi Ariyo, an ICT expert.

The real-time monitoring of targeted KPIs significantly raises the level of service delivery.

This, among other things, improves security, makes expansion easier, opens up a wider range of service possibilities, and keeps track of citizen interests, worries, and requirements, according to Ariyo.

According to the findings of study, digital cities have an emphasis on increasing efficiency by incorporating human intelligence into everyday activities.

Lucky Uwakwe, an expert in blockchain technology, was the first person to make a public declaration about the topic in 2019.

He added that if the nation is digitalized, it will generate chances for the country's young people.

About The Authors

Abeo Bunkechukwu

Abeo Bunkechukwu - Up to date with all important news, Abeo Bunkechukwu a nutritionist, traveling expert, and professional gambler will offer you the best tips and strategies in these fields, and even more.

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