What is a virtual free zone?

A virtual free zone is a non-physical zone for trading. It can be a hub or platform for the transfer of goods and services within a certain market area (market area). it can also be an environment for the exchange of goods or services that uses computer technology to conduct all transactions.

A virtual free zone can attract 0% tax rates, preferential customs duty rates, and 100% import and export tax exemption.

Why is the government partnering with Binance and Talent city?

The Nigeria Export Processing Zones Authority (NEPZA) wants to create a virtual replication of a free trade zone to attract business locally and internationally, so it is in the best interest of the government to partner with the best platforms that can provide these services which are Binance and Talent City.

Binance, as we all know, is the number 1 crypto exchange in the world, while 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. Talent city’s focus is on creating technology-enabled jobs managed within the free trade zone with its own productivity-focused, entrepreneurial-centered regulations, and bylaws.

What is NEPZA saying?

According to NEPZA’s head of corporate communications, Martins Odey, NEPZA has made the partnership deal after holding meetings with officials of Binance and talent city in Dubai, United Arab Emirates.

At the meeting, NEPZA’s managing director, Adesoji Adesugba, said that the partnership was needed to grow the economy of the country.

He said that once the partnership is set in stone, it will create a virtual free zone like the one in Dubai.

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

“We want to break new ground to give our citizens more economic opportunities in line with the authority’s mission, the minister’s directive, and President Muhammadu Buhari’s economic development plan,”

“Our goal is to create a thriving virtual free zone so we can take advantage of blockchains and the digital economy, which have a virtual economy worth close to a trillion dollars.” he said.

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.

https://altcoin.ng/binance-and-talent-city-to-partner-with-nigeria-on-virtual-trade-zones/