E-Financial
Nigeria Improves on Visa Releases Latest Africa Integration Index
Visa in Nigeria on Tuesday released the second annual Visa Africa Integration Index that measures the degree of economic integration within key trade corridors of sub-Saharan Africa, namely West Africa, East Africa and Southern Africa.
The purpose of the Index is to better understand and to help facilitate economic growth from greater cross-border interaction and economic openness.
Together with its partners, Visa touches 500 million people in Africa.
Speaking on the rationale behind the index, Ade Ashaye, country manager for Visa in West Africa said: “Since the launch of the Visa Africa Integration Index in 2013 the African economy has extended its best period of economic growth on record by delivering growth of 4.8 percent in 2013.
“Our objective was to construct an index for a number of selected sub-Saharan African countries to measure their global and regional integration.
“The Index is built from country-level macroeconomic data, and a wealth of proprietary data drawn from Visa in sub-Saharan Africa, that sum to more than 4 million observations measured across 19 elements.
“The final outputs are economic integration scores at the country and regional levels measured on a semi-annual basis for the period 2011-2013.
“We want to better understand Africa to help unleash the enormous growth potential in electronic payments on the continent, now the heart of the developing world.”
Ashaye noted that it is widely expected that buoyant economic growth will continue for the foreseeable future and it is likely that the African economy will achieve a growth rate approaching 5.5 percent in 2014.
With a collective gross domestic product (GDP) of over $1.9 trillion – a figure that is expected to exceed $2.6 trillion by 2020.
Against this backdrop, this report provides an update to the first edition of the Visa Africa Integration Index that was published in 2013.
Study Methodology: The study offers a detailed analysis of key country clusters in sub-Saharan Africa, revealing strengths and areas of growth potential.
The clusters are:
• West Africa: Ghana and Nigeria
• East Africa: Kenya, Uganda, Rwanda and Tanzania
• Southern Africa: South Africa, Angola, Mozambique, Zimbabwe and Zambia.
The 11 constituent countries are highly representative of the region, with a combined population of 437 million people, or 55 percent of the total population.
The study was carried out in conjunction with Professor Adrian Saville, Visiting Professor of Economics at the Gordon Institute of Business Science (GIBS), and DrLyal White, Director of the Centre for Dynamic Markets and a Senior Lecturer at GIBS in Johannesburg, South Africa.
Four key metrics to measure integration were used: the flow of goods and services or trade (T), financial integration and the movement of capital (C), the flow of information and knowledge (I) and the movement of people (P).
This TCIP model assigns a numeric value to the level of integration, with the global median score being 100.
Despite a modest base, the countries that make up the Index have undergone positive structural transformation over the past decade. The Index offers both recent and robust evidence of this: all 11 countries show improvements in economic integration over the period measured, namely the six half-year periods that make up 2011, 2012 and 2013.
Nigeria
Nigeria, which recently overtook South Africa to become the largest economy in Africa, had a score of 40.5 at the end of 2013 on the Visa Africa Integration Index improving from 37.7 at the start of 2011.
At the end of 2012, the Index level was virtually the same at 40.6.
South Africa has the highest score on the Visa Africa Integration Index, improving from 61.1 at the start of 2011 to 66.7 at the end of 2013.
Said Ashaye: “Nigeria will benefit enormously from greater integration, as its growing market matures and modernises, and the demand for capital and a diversity of trade partners rises to address the needs of increasing industrialisation, a rising appetite for production and services and growing sophistication in lifestyles. “
Depth and Breadth of Integration:
The analysis also considers the depth and breadth of integration, and how integrated each country is globally and regionally.
Measuring economic integration by way of depth and breadth provides for a more granular description and better understanding of the nature of integration beyond conventional economic measures.
In terms of “depth”, a country is considered to be “deeply integrated” if the economy is particularly open and highly connected to the rest of the world.
However, integration only becomes “deep and broad” if a highly connected economy is engaged with a wide variety of counter parties across the different strands of its global relationships.
South Africa scores highest amongst the 11 countries for global integration with a score of 42.6 out of 50.
However Nigeria has made significant strides in regional integration efforts where its score increased from 30.8 to 34.8 during the three year period ending 2013.
This is likely to translate into broader integration across the continent and further afield in global integration.
Kenya scores highest for regional integration, narrowly overtaking Ghana.
But all of these countries – South Africa, Ghana, Kenya and the other eight – are a long way off the global median of 50.
The same observation holds for the underlying depth and breadth pillars that make up the Index.
While South Africa scores highest for global depth (48.3 against the global median of 50) and global breadth (36.9); Mozambique scores highest for regional depth (27.3); and Kenya has the highest score for regional breadth (40.9).
Notably, none of these scores achieves the global median of 50.
Therefore, while the economic transformation among these African countries is impressive, the Index results flag the need for further structural improvements.
He added that the “Findings around openness and increased integration have important implications for the socio- economic advance of African economies based on at least two structural drivers. Firstly, African economies are substantially unconnected to the rest of the world. Secondly, African economies largely are unconnected to each other.
“Africa stands to gain from a sustained structural benefit brought about by the opening up of African economies to each other and to the world at large. Visa is also working hard with its partners to drive cross-border integration to open up the money flows across the region” noted Ashaye.
The Country Manager said that Visa expects the Index to continue provide insights on Africa’s regional integration and enable us to track changes and progress over time.
“The Index offers Visa an academically rigorous foundation to understand how we can serve Africa better. We also hope the Index provides another useful tool for policymakers when making strategic economic decisions,” Ashaye concluded.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.
It operates one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products.
The Federal Inland Revenue Service (FIRS) has clarified that the Memorandum of Understanding (MoU) recently signed with France’s Direction Générale des Finances Publiques (DGFiP) is a strictly technical assistance and capacity-building framework.
The clarification comes after talks of concerns that the MOU is a means for foreign interests to gain control over Nigeria’s sovereign tax data.
On Thursday, the Federal Inland Revenue Service (FIRS) signed an MoU with France’s Direction Générale des Finances Publiques (DGFiP).
“At no point does it grant France access to Nigerian tax data, digital infrastructure, or operational control of our systems. All Nigerian laws regarding data protection, sovereignty, and cybersecurity remain fully in force, and the MoU includes robust confidentiality and data protection provisions,” Umar Ahmed, director, Intergovernmental Affairs, Federal Inland Revenue Service, said in a recent release.
The DGFiP is one of the world’s most sophisticated tax administrations, with over 100 years of institutional experience, a workforce exceeding 90,000 professionals, and globally recognised expertise in digital tax systems, institutional governance, taxpayer services, and public finance management.
Ahmed said that the partnership is advisory, non-intrusive, and mutually beneficial, designed to strengthen FIRS’ institutional capacity as it transitions into the Nigerian Revenue Service (NRS).
“The collaboration provides Nigeria with a unique opportunity to learn from international best practices in workforce management, digital transformation, tax policy development, and regional cooperation, while ensuring that Nigeria retains full control over its tax administration and data,” he said.
Ahmed said that local technology providers are not being sidelined; FIRS continues to engage and collaborate with Nigerian innovators, including NIBSS, Interswitch, PayStack, and Flutterwave.
“The MoU is not intended to deliver technical services, but rather to provide capacity-building, advisory support, and knowledge sharing based on DGFiP’s extensive institutional experience. The collaboration focuses on institutional strengthening, workforce development, digital transformation guidance, taxpayer education, policy modernisation, and regional integration—all fully aligned with Nigeria’s sovereignty and national interests,” he said.
The director said that the service is far from compromising national control. This agreement represents a strategic initiative to modernise Nigeria’s tax administration, enhance institutional capacity, and strengthen the country’s long-term economic resilience.
“Nigeria remains fully in command of its tax systems, data, and policy direction. FIRS remains steadfast in its commitment to transparency, professionalism, and collaboration in the pursuit of national development,” Ahmed said.
House of Representatives yesterday passed second reading a bill seeking to introduce a single, non-renewable six-year tenure for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN), challenging the current CBN Act 2007 that allows an initial five-year term with reappointment option.
CBN
The legislation, jointly sponsored by Jesse Okey Joe Onuakalusi (Oshodi/Isolo Federal Constituency) and Majority Leader Julius Ihonvbere, proposes sweeping reforms to modernise the apex bank’s governance, unify the exchange rate system, ban foreign currencies for domestic transactions except via authorised channels, and align operations with international best practices.
Key provisions include separating the roles of CBN Governor and Board Chairman to curb power concentration, capping Ways and Means advances at 10 per cent of the previous year’s actual revenue to check inflationary financing, mandating 90 days’ notice with impact assessment and National Assembly briefing for currency redesign, and enhancing the Monetary Policy Committee with independent external experts plus macro-prudential tools and stress testing.
Onuakalusi, opening the debate, described the changes as “structural and forward-looking reforms” to protect the economy, restore monetary policy confidence, and bar the CBN Governor and deputies from partisan politics, stressing that the current Act no longer suits today’s realities amid past controversies like Godwin Emefiele’s tenure and the disruptive naira redesign.
He said: “The Central Bank of Nigeria is too critical an institution to operate under a framework that no longer reflects Nigeria’s economic realities or international best practices.
“This bill is not targeted at any individual or administration. It is a structural reform for economic stability, transparency, accountability, and sustainable governance.”
Deputy Speaker Benjamin Kalu put the bill to a voice vote, with lawmakers unanimously endorsing its passage at second reading. A similar Senate bill for a single six-year tenure had passed second reading in February 2024.
E-Financial
Sterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Sterling Bank Limited has signed a Memorandum of Understanding (MoU) with Enterprise Development Centre (EDC) of Pan-Atlantic University (PAU) to certify graduates of its Non-Oil Export Academy.
L-R: Kola Oluyemi, Group Head, Sterling Academy; Dr. Nneka Okekearu, Director, Enterprise Development Centre (EDC), Pan Atlantic University (PAU); Abubakar Suleiman, MD/CEO, Sterling Bank; Dr. Nnenna Ugwu, Head, Alumni Engagement and Support Services, EDC at PAU; and Akporee Idenedo, Divisional Head, Commercial Banking, Sterling Bank at the recent MoU signing to certify graduates of Sterling Bank’s Non-Oil Export Academy.
This strategic partnership underscores the Bank’s commitment to diversifying Nigeria’s economy by supporting non-oil export growth.
This landmark agreement follows the recent launch of the Sterling Bank Non-Oil Export Academy, designed to position Nigerian exporters for global competitiveness.
The launch was preceded by a series of nationwide training programs in Lagos, Ondo, and Kano states, culminating in a grand finale themed “Excel in Non-Oil Export.”
The initiative aims to equip exporters with practical tools to thrive in international markets, thereby reducing Nigeria’s reliance on oil revenues.
Speaking at the signing ceremony in Lagos, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, affirmed that the Bank is intentional about creating an ecosystem where non-oil exporters are well-informed and equipped to advance national interests.
“We are not just training people to understand how to export; we want to train them to be competitive exporters of non-oil products,” Suleiman said.
“Our goal is to build a community of knowledgeable, certified, and confident exporters who can collaborate to solve challenges beyond their immediate capacity. Our North Star is to reach a point where hundreds of people have completed this programme and are ready to compete on a global scale.”
Dr. Nneka Okekearu, Director of the Enterprise Development Centre (EDC), expressed enthusiasm for the collaboration. “Having spent the last twenty-three years deepening the competencies of entrepreneurs, we thoroughly understand what is needed and are excited to be part of this initiative,” she noted.
Dr. Okekearu emphasized that the export market has been neglected for too long. “With the right structure, standards, and mindset in place, entrepreneurs passing through this programme will help create not only a better Nigeria but more sustainable communities,” she added, noting that she looks forward to the case studies that will emerge from the programme’s participants.
Beyond sectoral outcomes, the initiative reinforces Sterling Bank’s commitment to support the development of human capital that positively shapes and impacts the wider economy. The Academy will run four cohorts within the year, commencing in 2026.
With this partnership, Sterling Bank and the Enterprise Development Centre are laying the foundation for a new generation of globally competitive Nigerian exporters, professionals equipped not only with knowledge, but with the certification, confidence, and networks needed to scale.
As both institutions align their expertise to strengthen non-oil export capacity, this collaboration signals a bold step toward a more resilient, inclusive, and diversified economy.
The Non-Oil Export Academy therefore serves as a catalyst for national transformation, empowering businesses and communities to unlock Nigeria’s full potential on the world stage.
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