Lekki Free Zone Set to Confederate Gluwa On Blockchain Experience

San Francisco, California, twenty first September, 2022, Chainwire

As part of a drive to strengthen its contribution to the Nigerian monetary system, the Lekki Free Zone Development Agency (LFZ) is in talks with Gluwa, a blockchain know-how agency. The pair wish to confederate and use blockchain to foster commerce collaboration, progress, and sustainability amongst new and current Free Zone enterprises. The partnership would moreover uncover the creation of a Digital Free Zone all through the Lekki Free Zone.

Lekki Free Zone’s Head of Method, Innovation & Specific Duties, Mr. Tomiwa Idowu, has disclosed that discussions are ongoing between LZF, the Nigerian Export Processing Zones Authority, and the Gluwa group.

In a press launch, Idowu outlined that the partnership, when finalized, will create a dashboard for the tokenization of merchandise into NFTs (non-fungible tokens) and provide digital asset-backed loans for model new and current enterprises who wish to fund operations and/or develop their corporations, identical to the mix of OpenSea and Compound.

Idowu shared his imaginative and prescient for innovating the shopping for and promoting and industrial sector in Nigeria and Africa as a whole, bringing it into the stylish knowledge age with the Lekki Free Zone on the epicenter.

“I’m terribly excited by the massive potential of such a partnership, which could extra arrange Lagos State as Africa’s foremost sub-national by means of innovation, monetary development and earnings period,” talked about Idowu.

He beneficial the Lagos State Governor, Babajide Sanwo-Olu, as a beacon of progress and hope for the nation principally, saying: “Our Governor has always been a company believer in fast-paced development, which incorporates using know-how to leapfrog types and going straight to fixing fast points.”

Chief Authorities Officer at Gluwa, Tae Oh, well-known that the company is keen to confederate with the Lekki Free Zone because it’s the most important and most developed Free Zone in Nigeria with proximity to the deep-sea port along with the Dangote refinery, saying: “Shopping for and promoting has been the bedrock of the Nigerian monetary system, with annual volumes working into billions of {{dollars}}.”

He added: “We think about the digitization of the sector can allow us to harness its full potential. For instance, a typical course of to digitize objects manufactured or processed all through the zone in tandem with a market system on web3 will allow producers to commerce globally by way of the blockchain.

“All trades shall be registered and revenue from the incentives of the Lekki Free Zone, similar to zero taxation and free circulation of merchandise. As rapidly because the merchandise get settled for export by the in-Zone Customs Processing Center, they might get shipped out straight from the Lekki Free Zone by way of the deep-sea port.

“This may occasionally cut back delays, take away human errors, exponentially drive up Nigeria’s non-oil exports and preserve a optimistic commerce steadiness for the nation. Whereas we’re nonetheless determining the top quality particulars and a specific framework with NEPZA, we think about it’s the way in which ahead for commerce and commerce in Africa.”

About Gluwa

Gluwa is an Open Finance platform, connecting capital from developed markets to rising market lending options using blockchain know-how. By providing the decentralized infrastructure rails to spice up and disburse capital wherever on this planet, consumers can use the Gluwa Make investments platform to partake in debt-financing affords with rising market fintech lenders, incomes as a lot as 15% APY.


Aston Lee, VP of Enterprise, Gluwa, assist@gluwa.com

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