Visa Inc. has informed Vice President Kashim Shettima of its plans to establish data centre infrastructure in Nigeria as part of its growing investment in the country.
The American multinational has already injected over $1 billion into Nigeria’s economy, including a $200 million stake in Interswitch, a major technological partnership with MoniePoint for digital payments, and a collaboration with ThriveAgriculture to support smallholder farmers and enhance food security.
According to a statement by Shettima’s media aide, Stanley Nkwocha on Friday, March 21, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), Andrew Torre, disclosed this during a visit to the Vice President at the Presidential Villa, Abuja.
Torre stated that Visa is committed to continuous investment in Nigeria, with the planned data centre aimed at introducing new technologies to strengthen the country’s digital economy.
“Visa has been making investments and will continue to make these investments in Nigeria,” Torre said. He explained that companies like Hugo and Samsung rely on Visa’s technology to launch mobile payment services, making the market more competitive and cost-effective.
In response, Vice President Shettima assured the Visa delegation of sustained collaboration between the company and the Nigerian government.
He commended Visa’s investment in ThriveAgriculture, noting the Tinubu administration’s focus on transforming the agriculture sector.
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“Nigeria is where the action is. Of the ten fintechs in Africa, about eight are in Nigeria, with MoniePoint as the newest addition,” Shettima said.
“Agriculture is key to the 8-point agenda of the present administration. President Bola Ahmed Tinubu is really keen on repositioning the agriculture industry here, and we have to invest in technology, we have to invest in modernisation.”
He emphasised the need to modernise agriculture through better seed varieties, fertilisation, and technology-driven farming.
“If we must improve on agriculture, we must embrace modernity, improve agricultural prices, seeds, fertilisation, and intermediate technology. ThriveAgriculture is a company that has a focus on food security, providing up-to-date data to our farmers.
“And be rest assured that the patronage, the partnership between the government of Nigeria and Visa will only grow by leaps and bounds,” Shettima added.
The Vice President also encouraged Visa to invest in the federal government’s Outsource to Nigeria Initiative to boost financing for the creative sector and expand the country’s digital economy.
Also present at the meeting were Visa’s Senior Vice President and Head of Western and Central Africa, Andrew Uaboi, and Vice President and Head of West Africa, Chidozie Arinze.