Vice-President Kashim Shettima has told payment giant Visa that Nigeria is open for business as President Bola Tinubu’s economic reforms begin to show positive results.
Shettima made the comments on Monday whilst meeting a Visa delegation led by Tareq Muhmood, the company’s regional president for Central and Eastern Europe, the Middle East and Africa, at the Presidential Villa in Abuja.
The vice-president acknowledged that reforms introduced since 2023 have been difficult for many Nigerians, but said they were essential and are now starting to work.
“President Bola Tinubu is determined to change the face of our nation. Today, there is great room for expansion in the Nigerian economy. Eight out of the ten unicorns in Africa are from Nigeria,” he said.
“The economy has picked pace, we have crossed the Rubicon and we are on a path of sustainable growth. The tax reforms are gaining traction, we are restoring discipline to the system and our foreign reserve is growing steadily.”
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Visa encouraged to target the unbanked population
Shettima praised Visa’s growing interest in Nigeria’s economy, particularly its partnerships with local fintech companies. He encouraged the payment firm to focus on Nigeria’s large population of people without bank accounts as it expands across Africa.
The vice-president said digital payment systems represent the future of commerce across the continent and have the potential to increase transparency whilst reducing corruption.
Nigeria has one of the world’s largest unbanked populations, with millions of people still conducting most of their financial transactions in cash. This presents a significant opportunity for digital payment companies like Visa.
Muhmood praised Tinubu’s reforms, saying they are already driving growth across several sectors of the economy. He highlighted changes in oil and gas operations, foreign exchange management, and tax administration as key factors boosting investor confidence.
The Visa executive announced that his company plans to increase its involvement in Nigeria’s economy and participate in programmes designed to improve lives and livelihoods across different sectors.
Nigeria is home to eight of Africa’s ten “unicorn” companies – privately held startups valued at over $1 billion. Most of these are fintech firms that have grown rapidly by providing digital financial services to previously underserved populations.
