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As part of an effort to strengthen its contribution to the Nigerian economy, Lekki Free Zone Development Company (LFZ) is in talks with blockchain technology company Gluwa. The pair aim to use blockchain to partner and foster trade collaboration, growth and sustainability between new and existing free zone companies. The partnership will also explore creating a virtual free zone within the Lekki free zone.
Financing operations through digital asset-backed loans
Tomiwa Idowu, Head of Strategy, Innovation and Special Projects at Lekki Free Zone, revealed that discussions are ongoing between the LZF, the Nigerian Export Processing Zone Authority and the Gluwa team.
In a statement, Idowu said that once this partnership is finalized, it will create a dashboard for tokenizing commodities into NFTs (Non-Fungible Tokens), operational and/or as well as the integration of OpenSea and Compound. Expand your business.
Mr. Idow shared his vision to transform the trade and industrial sectors in Nigeria and across Africa, ushering in the modern information age with the Lekki Free Zone at its epicenter.
“We are very excited about the huge potential of such a partnership, which will further establish Lagos State as a leading African region in terms of innovation, economic development and revenue generation.”
He hailed Lagos Governor Babajide Sanwo Oru as a beacon of progress and hope for the entire nation. Go straight to solving pressing problems. “
Gluwa Chief Executive Officer Tae Oh said Lekki Free Zone is the largest and most developed free zone in Nigeria, and the company is keen to partner with Lekki Free Zone because of its proximity to the deep sea port and Dangote refinery. said he was enthusiastic about :
“Trade is the cornerstone of the Nigerian economy, with annual trade volumes in the billions of dollars. The standard process of digitizing processed goods in conjunction with Web3’s marketplace system will enable manufacturers to trade globally via blockchain.”
All transactions are registered and benefit from Lekki Free Zone incentives such as zero taxation and free circulation of goods. Goods are shipped directly from the Lekki Free Zone via deep sea ports as soon as export clearance is completed by customs processing centers within the zone.
This will reduce delays, eliminate human error, exponentially increase Nigeria’s non-oil exports, and maintain a positive trade balance for the country. While Gluwa’s team is still working out the details and specific framework for NEPZA, Tae Oh believes it is the future of commerce and trade in Africa.
Gulwa is an open finance platform that uses blockchain technology to connect developed market capital to emerging market lending opportunities. By providing a decentralized infrastructure rail for raising and distributing capital anywhere in the world, investors can use his Gluwa Invest platform to raise debt with emerging market fintech lenders and finance his Join a contract and get up to 15% of his APY.