The Timbuktoo fintech hub center’s opening in Lagos on Tuesday gave the UNDP, African governments, and the private sector a significant boost in their ambition to raise $1 billion to spur start-up innovation throughout the continent.
The UNDP-led hub in Lagos is the first of a planned chain of technology hubs for 13 African nations, including Nairobi, Dakar, Cairo, Kigali, Accra, Casablanca, and Cape Town.
The custodian of the Tibuktoo Africa Innovation Foundation, former vice president Professor Yemi Osinbajo, emphasized how Africa’s youthful population can spur economic development and innovation.
Osinbajo pointed out that despite the fact that the unemployment rate in the nation hovers around 50%, Nigerian unicorns like Flutterwave and Interswitch were formed by businesspeople under the age of thirty, demonstrating the region’s potential for technical growth and success.
“We have seen the dramatic proof of the power of innovation to bring amazing prosperity in recent times,” he stated. Our country, Nigeria, is home to at least five unicorns: Flutterwave, which is currently valued at over $3 billion; Interswitch, valued at over $1 billion; and Opay, valued at $2 billion. When these unicorns were formed, none of its founders had more than 30 years of experience.
“You can imagine what we are going to see in the coming years. So it is this energy, the spirit of innovation that will power Nigeria and indeed the Africa of our dreams. This is why the vision, “Timbuktoo” of the African innovation fund is so vital for the continent’s innovation system. We will have 13 unicorn hubs all in universities of different countries and 8-9 innovation hubs scattered across the continent. Hence, the Lagos fintech hub is one hub that will create job opportunities and this will go a long way to reducing the unemployment rate.”
He went on to say that Africa was full of young potential and that he was confident these talents would play a major role in propelling prosperity and creativity across the continent.
Olatunbosun Alake, Commissioner of Innovation, Science, and Technology, emphasized the significance of government-policymaker cooperation in advancing this progress on behalf of Lagos State Governor Babajide Sanwo-Olu.
“Innovation cannot happen without government support. Lagos State government has been a pivotal part of this development, providing robust infrastructure and fostering an environment conducive to innovation. We will engage with lawmakers and policymakers to drive positive policy outflows that will further enhance and sustain this transformative journey,” he promised.
In keeping with the Federal Government’s goal of achieving the Sustainable Development Goals by 2030, he continued, the fintech hub’s establishment was appropriate.
Elsie Attafuah, the UNDP’s resident representative, emphasized the importance of this occasion as well. “A new age in innovation and financial inclusion is being born here, establishing Lagos as the “fintech capital of Africa.”
According to Ahunna Eziakonwa, the Director of UNDP’s Regional Bureau for Africa and UN Assistant-Secretary General, Timbuktu sought to alter the nature of development by rearranging market dynamics in favor of significant investments.