E-Financial
Nigeria, Others Account for half of Africa’s Economy — World Bank
Nigeria, South Africa and Egypt account for about half of the African economy says new data released by the World Bank Group last week.
The report which ranked global economies on the basis of the strength of their currency said that China will overtake the United States of America by the end of 2014 as the largest economy in the world.
The report said that low income economies, as a share of world GDP, were more than two times larger based on Purchasing Power Parity, PPP, than respective exchange rate shares in 2011.
Yet, these economies accounted for only 1.5 per cent of the global economy, but nearly 11 per cent of the world population. Roughly 28 per cent of the world’s population lives in economies with GDP per capita expenditures above the $13,460 world average and 72 per cent are below that average.
The International Comparison Program (ICP) which released the new data said that the world economy produced goods and services worth over $90 trillion in 2011, and that almost half of the world’s total output came from low and middle income countries.
Six of the world’s 12 largest economies were in the middle income category (based on the World Bank’s definition). When combined, the 12 largest economies account for two-thirds of the world economy, and 59 per cent of the world population.
The PPP-based world GDP amounted to $90,647 billion, compared to $70,294 billion measured by exchange rates. Middle income economies’ share of global GDP is 48 per cent when using PPPs and 32 per cent when using exchange rates.
The approximate median yearly per capita expenditures for the world – at $10,057 – means that half of the global population has per capita expenditures above that amount and half below.
According to the report, the six largest middle income economies are China, India, Russia, Brazil, Indonesia and Mexico which account for 32.3 per cent of world GDP, whereas the six largest high income economies are United States, Japan, Germany, France, United Kingdom, and Italy which account for 32.9 per cent.
Asia and the Pacific, including China and India, account for 30 per cent of world GDP, Statistical Office of the European Communities (Eurostat) – and the Organization for Economic Cooperation and Development (OECD) – 54 per cent, Latin America – 5.5 per cent (excluding Mexico, which participates in the OECD and Argentina, which did not participate in the ICP 2011), Africa and Western Asia about 4.5 per cent each.
China and India make up two-thirds of the Asia and the Pacific economy, excluding Japan and South Korea, which are part of the OECD comparison. Russia accounts for more than 70 per cent of the CIS, and Brazil for 56 per cent of Latin America.
The report stated that going by the Price Level Index (PLI) which is the ratio of a PPP to a corresponding exchange rate, the most expensive economies in GDP terms are Switzerland, Norway, Bermuda, Australia and Denmark, with indices ranging from 210 to 185.
The United States ranked 25th in the world, lower than most other high-income economies, including France, Germany, Japan, and the United Kingdom.
Twenty-three economies are showing a PLI of 50 or below. The cheapest economies according to the report, are Egypt, Pakistan, Myanmar, Ethiopia and Lao People’s Democratic Republic, with indices ranging from 35 to 40.
Which countries are the richest and poorest in per capita terms?
According to the World Bank, the five economies with the highest GDP per capita are Qatar, Macao SAR, China, Luxembourg, Kuwait, and Brunei.
The first two economies have more than $100,000 per capita. Eleven economies have more than $50,000 per capita, while they collectively account for less than 0.6 per cent of the world’s population. The United States has the 12th highest GDP per capita.
Eight economies – Malawi, Mozambique, Central African Republic, Niger, Burundi, Congo, Dem. Rep., Comoros and Liberia – have a GDP per capita of less than $1,000.
Which countries devote the most spending that directly benefit individuals?
The World Bank report disclosed that “a general measure of material well-being of each economy’s population is measured better by actual individual consumption per capita.
It said that a measure of all expenditures in the economy that directly benefit individuals rather than by GDP per capita is more revealing of the impact of government policy on individuals.
By this measure, the five economies with highest actual individual consumption per capita are Bermuda, United States, Cayman Islands, Hong Kong SAR, China, and Luxembourg, respectively. The world average actual individual consumption per capita is approximately $8,647.
The report further stated that “at 27 per cent, China now has the largest share of the world’s expenditure for investment (gross fixed capital formation); followed by the United States at 13 per cent. India, Japan and Indonesia follow with 7 per cent, 4 per cent, and 3 per cent, respectively.
China and India account for about 80 per cent of investment expenditures in the Asia and the Pacific region. Russia accounts for 77 per cent of CIS, Brazil for 61 per cent of Latin America and Saudi Arabia for 40 per cent of Western Asia.
According to the report: “Under the authority of the United Nations Statistical Commission, the 2011 round of ICP covered 199 economies which is the most extensive effort to measure Purchasing Power Parities (PPPs) across countries ever.”
ICP 2011 estimates benefitted from a number of methodological improvements over past efforts to calculate PPPs.
The ICP’s principal outputs are PPPs for 2011 and estimates of PPP-based gross domestic product (GDP) and its major components in aggregate and per capita terms. When converting national economic measures (e.g. GDP), into a common currency, PPPs are a more direct measure of what money can buy than exchange rates.
ICP implementation was led and coordinated by the ICP Global Office, hosted by the World Bank, in partnership with regional agencies overseeing activities in eight geographic regions: Africa, Asia and the Pacific, Commonwealth of Independent States (CIS), Latin America, the Caribbean, Western Asia, Pacific Islands, and the countries of the regular PPP program managed by the Eurostat and OECD).
In addition, two “singleton” economies, Georgia and Iran, participated in bilateral exercises with partner economies, without being part of any regional comparisons.
E-Financial
NRS Accredits Afri Invoice as Access Point Provider to Drive Nigeria’s Mandatory e-invoicing
Ahead of the July deadline, the Nigeria Revenue Service (NRS) has accredited Afri Invoice as an official Access Point Provider (APP) in a major move for digital tax compliance across Nigeria.
This sovereign endorsement thrusts the emerging fintech leader into an elite tier of technology firms trusted to handle the nation’s fiscal data infrastructure.
With the July deadline looming, this offers an opportunity for Nigerian Businesses to get adequate onboarding support.
Crucially, this landmark certification comes on the heels of Afri Invoice also recently being licensed as an official Systems Integrator by the NRS—granting the company rare dual-licensed status within the national ecosystem.
BAs Nigeria rapidly transitions to a transparent, real-time fiscal economy, Afri Invoice now serves as a fully unified, secure gateway.
With this double mandate, the platform is uniquely positioned to both seamlessly integrate legacy corporate networks and directly validate, digitally sign, and transmit automated electronic invoices straight into the central NRS Merchant Buyer Solution (MBS) infrastructure.
The NRS launched the MBS platform to combat tax evasion, boost state revenues, and mandate transaction transparency across Africas largest economy.
Operating as a centralised real-time ledger, the platform intercepts and logs B2B and B2G transactions right at the point of sale.
Speaking on this milestone, Mark Odenore, Founder of Afri Invoice, said: “This accreditation represents one of the most significant moments in Afri Invoice’s journey.
“For years, we have believed that compliance should not be a financial burden that only large corporations can afford.
“The NRS has handed us the opportunity to be the bridge connecting Nigeria’s entire business community to this new era. We view e-invoicing as a launchpad for modern corporate efficiency, transparency, and growth.”
Large taxpayers transitioned during the initial rollout phase, and the NRS is actively expanding the mandate to medium and small enterprises. Because direct connection to government servers demands rigid compliance, APPs serve as the vital intermediaries.
To earn this license from NITDA, Afri Invoice underwent extensive evaluation, proving its technical resilience, software architecture quality, OAuth 2.0 security protocols, and strict alignment with the international PEPPOL interoperability framework.
A Sovereign Endorsement for Afri Invoice is not merely a commercial credential; it is a profound operational responsibility. Inclusion in the official NRS Solutions Provider Directory means businesses can confidently deploy Afri Invoice to shield themselves from compliance risks.
For Nigerian enterprises navigating these shifting tax laws, Afri Invoice eliminates technical friction by automating the full invoice lifecycle.
The platform seamlessly handles Native ERP Integration, synchronises data across international standard formats like JSON, manages real-time data submission, digital signing, and certificate lifecycles, and provides clear audit trails and dashboards for CFOs to eliminate manual human error and speed up close cycles.
Crucially, the platform supports all NRS-mandated tax categories, quantity codes, and payment statuses, future-proofing businesses as global cross-border invoice interoperability rolls out.
Ms. Fatimata Niang, the Director of Strategy &Operations, noted: “Our architecture was engineered to the highest global standards for security, interoperability, and scale.
“Every invoice running through our system is cryptographically secured and fully traceable from the millisecond it is generated. As the mandate expands to millions of taxpayers, our infrastructure is primed to handle massive volume without compromising on speed or security.”
Afri Invoice is a premier Nigerian financial technology company building modern digital invoicing and fiscal infrastructure.
Through robust API-driven solutions aligned with NRS, NITDA, and international PEPPOL protocols, the company empowers enterprises and SMEs to achieve effortless compliance with minimal technical overhead.
House of Representatives Public Accounts Committee (PAC) says it has recovered over ₦521 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN).
This is part of an ongoing investigation into revenue leakages and outstanding funds owed to the federal government.
Bamidele Salam, chairman of the Committee, disclosed this while providing an update on the probe into transactions conducted through the Remita platform.
According to Salam, the investigation was initiated following a resolution of the House of Representatives to examine alleged revenue leakages, non-compliance with standard operating procedures and breaches of service level agreements linked to the Remita payment platform.
He said the committee had uncovered several outstanding liabilities and led to multiple recoveries.
Salam revealed that the committee discovered that the CBN failed to remit VAT amounting to ₦521,765,134.17, representing tax deductions on fees earned from Remita transactions.
He described the recovery as evidence of the effectiveness of legislative oversight in promoting accountability and safeguarding public resources.
The lawmaker maintained that the committee would recover all outstanding funds due to the Federal Government and blocking avenues for revenue leakages across public institutions.
It added that the CBN has been directed to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
The Public Accounts Committee is expected to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly in Abuja.
Central Bank of Nigeria (CBN) has said that any authorised dealer bank the processes foreign exchange (forex) transactions without proper documentation will be fined N100 million.
In addition, the bank will pay N10 million for each transaction involved.
The sanctions are contained in the fourth edition of the Foreign Exchange Manual, which serves as a guide for participants in Nigeria’s forex market.
According to the CBN, the updated manual aims to improve compliance, increase transparency, and strengthen confidence in the foreign exchange system.
Banks are now required to obtain, verify, and keep all necessary documents before releasing foreign currency to customers.
Similar documentation requirements apply to forward and swap transactions, where proof of the underlying trade or obligation must be provided before settlement.
For import transactions, importers must continue to provide documents such as Form M, invoices, certificates of origin, packing lists, and shipping documents.
They must also submit Exchange Control Documents within 90 days after negotiating shipping documents through overseas correspondent banks.
The CBN warned that failure to meet documentation requirements will attract escalating sanctions.
A first violation will result in a 90-day suspension from forex transactions, a second violation will attract a 180-day suspension, and a third offence will lead to a one-year suspension.
A fourth violation could result in a complete ban from participating in forex transactions.
Banks that fail to report cases of default to the CBN will also face sanctions.
The apex bank further tightened reporting requirements. Institutions that submit required daily or monthly returns late will be fined N500,000, while those that fail to submit returns at all will pay a minimum of N5 million, plus an additional N500,000 daily until compliance is achieved.Afternoon Paper Subscription
The revised manual also strengthens oversight of banks’ foreign currency exposure.
Financial institutions that exceed approved Net Open Position limits will receive a warning for the first offence, a 10-working-day suspension from the Nigerian Foreign Exchange Market for the second offence, and a 90-day suspension for the third violation.
The CBN also imposed sanctions on unauthorised reallocation of foreign exchange funds. Any bank found engaging in such practices will be fined N10 million per transaction and may face additional disciplinary action under the Bankers’ Committee ethics framework.
According to the CBN, the new measures are aimed at promoting transparency, strengthening market discipline, reducing abuses, and improving investor confidence in Nigeria’s foreign exchange market.
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