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NEPZA eyes opportunities in crypto trading to grow FTZ

By Anthony Otaru, Abuja
29 March 2022   |   4:01 am
The Nigeria Export Processing Zones Authority (NEPZA) has promised that the ongoing digital technology policy being developed by the agency will open up the free trade zones (FTZs) to multi-trillion-dollar blockchain technology businesses, including leading cryptocurrency exchanges such as Binance and Kucoin.

The Nigeria Export Processing Zones Authority (NEPZA) has promised that the ongoing digital technology policy being developed by the agency will open up the free trade zones (FTZs) to multi-trillion-dollar blockchain technology businesses, including leading cryptocurrency exchanges such as Binance and Kucoin.

NEPZA Managing Director, Prof. Adesoji Adesugba, said this at the weekend when he paid a courtesy visit to the Executive Chairman of the Federal Revenue Inland Services (FIRS), Mohammed Nami, in Abuja.

He said the government must explore new technology to grow the economy.

The NEPZA chief executive also assured that the agency is determined to open up the country’s FTZ corridor for global competitiveness.

According to him, the African Continental Free Trade Zones Area (AfCFTA) has given opportunities to all countries in the continent to diversify their business catchments.

“As we speak, FTZs are springing up everywhere in Africa. Nigeria must be concerned about competition from Egypt, South Africa, Keny, Benin Republic, Ghana and Togo where huge investments have been committed to FTZ development. We are doing well with about 500 enterprises operating in 42 zones across the country. But, we must expand the investment corridor to magnet operators of blockchain technology, which remains the future of the global economy.

“The time to join the train is now, otherwise we shall be counting our losses in a few years’ time. We are delighted that the Federal Government through the Central Bank of Nigeria (CBN) recently unveiled the e-naira,” the NEPZA boss said.

He further said that more than 90 per cent of European and US banks were researching blockchain options, stressing that nothing should stop the country from exploiting the multi-trillion-dollar sector.

He stated that multinational organisations like JP Morgan, MTN, KFC, Tesla and many others have entered the cryptocurrency and metaverse digital blockchain sector with MTN said to have purchased 114 metaverse properties recently.