In a significant development for Nigeria’s digital economy, global payment giant Visa Inc. has announced plans to establish a data center in Nigeria. This commitment was conveyed during a high-level meeting between Visa executives and Nigeria’s Vice President, Kashim Shettima, at the Presidential Villa in Abuja.
The announcement builds on Visa’s existing investments in Nigeria, which exceed $1 billion. These investments include a major technological partnership with MoniePoint to advance digital payment solutions, a $200 million investment in Interswitch, and a collaboration with ThriveAgric to support smallholder farmers and enhance food security in the country.
Strengthening Nigeria’s Digital Infrastructure
Leading the Visa delegation, Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), emphasized the company’s commitment to Nigeria’s growing digital economy. He revealed that the proposed data center infrastructure is part of Visa’s strategy to introduce cutting-edge technologies into the Nigerian market, further solidifying the nation’s position as a hub for innovation in Africa.
Torre highlighted the importance of Visa’s technologies in enabling partners like Hugo and Samsung to launch mobile payment services, which would foster a more competitive and cost-effective market. “Visa has been making investments and will continue to invest in Nigeria,” he said, underscoring the company’s long-term commitment to the country.
Vice President Shettima’s Response
Vice President Shettima warmly welcomed Visa’s plans, expressing optimism about the deepening partnership between the Nigerian government and the global payment leader. He commended Visa for its investments in ThriveAgric, aligning with the Tinubu administration’s focus on agricultural modernization and food security as part of its 8-point agenda.
“Nigeria is where the action is,” Shettima stated. “Of the ten fintechs in Africa, about eight are in Nigeria, with Moniepoint as the newest addition. Agriculture is key to the 8-point agenda of the present administration. President Bola Ahmed Tinubu is keen on repositioning the agriculture industry, and to achieve this, we must embrace technology and modernization.”
The Vice President emphasized the importance of improving agricultural practices through better seeds, fertilization, and intermediate technology. He praised ThriveAgric for its role in providing up-to-date data to farmers, which is critical for enhancing productivity and food security.
Shettima also urged Visa to explore opportunities within the federal government’s Outsource to Nigeria Initiative (OTNI), which aims to boost the creative sector by facilitating access to finance. This, he noted, would further strengthen Nigeria’s digital and creative economy.
A Growing Partnership
The meeting underscored the mutual benefits of the partnership between Visa and Nigeria. With its planned data center and ongoing investments, Visa is poised to play a pivotal role in advancing Nigeria’s digital transformation. The move is expected to enhance the country’s payment infrastructure, support fintech innovation, and contribute to economic growth.
Accompanying Andrew Torre on the Visa delegation were Andrew Uaboi, Senior Vice President and Head of Western and Central Africa, and Chidozie Arinze, Vice President and Head of West Africa for Visa Nigeria. Their presence highlighted the importance of Nigeria as a strategic market for Visa’s operations in Africa.
Looking Ahead
As Nigeria continues to position itself as a leader in Africa’s digital economy, partnerships with global players like Visa are crucial. The establishment of a data center in the country not only signals confidence in Nigeria’s potential but also aligns with the government’s vision of leveraging technology to drive economic growth and development.
With Vice President Shettima’s assurance of continued collaboration, the future looks promising for Visa’s initiatives in Nigeria. As the company brings its expertise and resources to the table, the Nigerian digital ecosystem stands to benefit significantly, paving the way for a more inclusive and innovative economy.
Stanley Nkwocha
Senior Special Assistant to the President on Media & Communications
(Office of the Vice President)
