The economies of
Nigeria and Ghana
are more integrated
than those of the
“Southern African Cluster”
comprising Angola,
Mozambique, South Africa,
Zimbabwe and Zambia,
according to the 2013 Visa
Integration Index.
Four key metrics to
measure integration were
used: the flow of goods and
services or trade; financial
integration and the movement
of capital; the flow of
information and knowledge;
and the movement of people.
Ghana scored 52.1 on the
integration score, and Nigeria
40.6.
According to Visa, South
Africa is the continent’s most
integrated economy, with
a score of 63.3. The score
of the Southern African
cluster is brought down by
Angola (28.8) and Zimbabwe
(31.1), which have the least
integrated economies of the 11
countries in the survey.
Ghana is third behind
South Africa and Kenya
(53.9). Ghana has made
“substantial progress in recent
years – especially toward its
regional integration, where
it has increased from 50.4 to
55.1 in the period measured,
but still has a way to go
in terms of greater global
integration,” says the report.
The relatively strong Visa
Africa Integration Index score
is based largely on its regional
integration and growing
linkages and exchanges with
Nigeria. “These developments
bode well for Ghana and
the broader West African
region, and increased regional
integration will allow Ghana
to benefit enormously from
Nigeria’s extensive market,”
it says.
Nigeria’s Visa Africa
Integration Index score of
40.6 is however below the
average of the 11 countries
measured, despite it being
the largest economy in West
Africa.
But, the country is
becoming more connected,
improving its regional
integration score from 30.8
to 35.7 during the period
measured.
“This is likely
to translate into
broader integration
across the continent
and further afield in
global integration,” says
the report.
“The size and influence
of Nigeria in Africa cannot
be overstated. While the
country’s levels of regional
and global integration still are
relatively low, Nigeria is likely
to be one of the key drivers
of integration in Africa
and one of
the primary
forces of African
integration with
the rest of the
world.
“While the Nigerian
economy is diversifying, aided
by an increasing number
of Nigerian multinationals
emerging and expanding
across the continent, it will
be Nigerians themselves that
will be the true catalysts of
integration,” it adds.
INSERT
4 KEY METRICS
TO MEASURE
INTEGRATION
INFORMATION,
TRADE MOVEMENT OF PEOPLE,
CAPITAL.
