NEPZA and imperative of boosting economy via blockchain technology

Written by on April 26, 2022

Unarguably, the Federal Government changed the name of the Federal Ministry of Communications to Federal Ministry of Communications and Digital Economy in order to be in tune with global trends and reality.

The World Economic Forum (WEF), predicts that by 2022, 60 per cent of the world economy will be digital.

Companies need to re-imagine how to create, distribute and capture value in this new environment.

According to the report, Nigeria accounts for 47 per cent of West Africa’s population, and half of the country’s 200 million people are under the age of 30.

Nigeria has the largest mobile market in Sub-Saharan Africa, supported by strong mobile broadband infrastructure and improved international connectivity.

The aim of the policy is to enable Nigeria maximise the benefits enunciated by the World Bank and WEF from a digital-driven economy.

It is in line with this policy, that the Nigerian Export Processing Zones Authority (NEPZA), is desirous of opening up Nigeria’s free zones to the digital space.

He re-emphasised the readiness of NEPZA to open the country’s free trade zones’ corridor for genuine global competitiveness.

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

Adesugba said that Nigeria must key into the technology as more than 90 per cent of European and US banks were researching blockchain options.

He explained that the country’s tax net would be exponentially enlarged if the investment came alive, as according to him, Nigeria is currently rated as the 6th largest player in the world in the crypto and blockchain trade, especially amongst the youths.

The mandate includes: licensing, regulating, monitoring and promoting the operations of all zones in Nigeria.

It also seeks to provide a conducive investment climate by offering a competitive incentive regime, streamlined administrative procedures and world class infrastructure.

The current efforts of NEPZA are all geared towards delivering on the mandate of the Authority.

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