Lekki Free Zone Set to Partner Gluwa On Blockchain Technology

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San Francisco, California, 21st September, 2022, Chainwire

As part of a drive to strengthen its contribution to the Nigerian economy, the Lekki Free Zone Development Company (LFZ) is in talks with Gluwa, a blockchain technology company. The pair are looking to partner and use blockchain to foster trade collaboration, growth, and sustainability among new and existing Free Zone enterprises. The partnership would also explore the creation of a Virtual Free Zone within the Lekki Free Zone.

Lekki Free Zone’s Head of Strategy, Innovation & Special Projects, Mr. Tomiwa Idowu, has disclosed that discussions are ongoing between LZF, the Nigerian Export Processing Zones Authority, and the Gluwa team.

In a statement, Idowu explained that the partnership, when finalized, will create a dashboard for the tokenization of goods into NFTs (non-fungible tokens) and provide digital asset-backed loans for new and existing enterprises who are looking to fund operations and/or expand their businesses, similar to the integration of OpenSea and Compound.

Idowu shared his vision for innovating the trading and industrial sector in Nigeria and Africa as a whole, bringing it into the modern information age with the Lekki Free Zone at the epicenter.

“I am extremely excited by the enormous potential of such a partnership, which would further establish Lagos State as Africa’s leading sub-national in terms of innovation, economic development and revenue generation,” said Idowu.

He commended the Lagos State Governor, Babajide Sanwo-Olu, as a beacon of progress and hope for the nation in general, saying: “Our Governor