The plan by the United Nations Development Programme (UNDP), African governments, and the private sector to raise $1 billion for start-up innovation on the continent received a boost yesterday with the unveiling of the Timbuktoo fintech hub in Nigeria. Located in Lagos, the hub is the first of a series of technology centers planned for 13 African countries, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi.
During the unveiling, former Vice President Professor Yemi Osinbajo highlighted the potential of Africa’s young population to drive innovation and economic progress. He cited Nigerian unicorns like Flutterwave and Interswitch, founded by entrepreneurs under 30, as examples of the region’s capacity for technological advancement and prosperity despite high unemployment rates.
“In recent times, we have seen the dramatic proof of the power of innovation to bring amazing prosperity. In Nigeria, we have at least five unicorns including Flutterwave, valued at over $3 billion today, Interswitch, over $1 billion, Opay valued at $2 billion among others,” Osinbajo pointed out. “All the founders of these unicorns were below 30 years. You can imagine what we are going to see in the coming years. It is this energy, the spirit of innovation, that will power Nigeria and the Africa of our dreams. This is why the vision, ‘Timbuktoo,’ is vital for the continent’s innovation system.”
Osinbajo noted that the Lagos fintech hub is one of 13 unicorn hubs planned for universities in different countries and 8-9 innovation hubs scattered across the continent, which will create job opportunities and help reduce the unemployment rate. He expressed confidence in Africa’s young talents driving growth and innovation on the continent.
Representing Lagos State Governor Babajide Sanwo-Olu, Commissioner of Innovation, Science, and Technology Olatunbosun Alake underscored the importance of collaboration between the government and policymakers. “Innovation cannot happen without government support. The 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 to further enhance and sustain this transformative journey. The creation of this fintech hub is in line with the Federal Government’s quest to achieve the Sustainable Development Goals by 2030,” he said.
UNDP Resident Representative Elsie Attafuah emphasized the significance of the moment, stating, “We are here to witness the birth of a new era in innovation and financial inclusion, positioning Lagos as the fintech capital of Africa.”
UN Assistant-Secretary General and Director of UNDP’s Regional Bureau for Africa, Ahunna Eziakonwa, added that Timbuktoo aims to reshape market forces to favor impactful investments, and that the program can prevent conflicts and foster economic growth through innovation.
