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By Chinwendu Obienyi
In a landmark event for African innovation, the United Nations Development Programme (UNDP), in collaboration with African governments and the private sector, has initiated plans to raise $1 billion to fuel start-up innovation across the continent. This initiative received a significant boost with the recent unveiling of the Timbuktoo fintech hub in Lagos, Nigeria.
The hub, spearheaded by the UNDP, is the first of a series of technology centers slated for 13 African countries, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi. The launch marks a pivotal step in positioning Africa as a global leader in fintech and technological innovation.
During the unveiling ceremony, former Vice President Yemi Osinbajo emphasized the immense potential of Africa’s youthful population to drive economic progress and innovation. Highlighting the success stories of Nigerian unicorns like Flutterwave and Interswitch, Osinbajo pointed out that these billion-dollar enterprises were founded by entrepreneurs under 30, demonstrating the region’s capacity for technological advancement despite high unemployment rates, which hover around 50%.
“In recent times, we have seen dramatic proof of the power of innovation to bring remarkable prosperity,” Osinbajo remarked. “In Nigeria, we have at least five unicorns, including Flutterwave, valued at over $3 billion, and Interswitch, valued at over $1 billion. All founders were under 30 when they started. The energy and spirit of innovation in our young population will drive the Africa of our dreams. This is why the Timbuktoo initiative of the African innovation fund is vital for our continent’s innovation ecosystem. With 13 unicorn hubs across various countries and numerous innovation hubs, including the Lagos fintech hub, we are set to create job opportunities that will significantly reduce unemployment.”
Osinbajo expressed confidence that Africa’s young talents will be instrumental in driving growth and innovation across the continent.
Representing Lagos State Governor Babajide Sanwo-Olu, the Commissioner of Innovation, Science, and Technology, Olatunbosun Alake, emphasized the critical role of government support in fostering innovation. “Innovation cannot happen without government backing. The Lagos State government has been integral to this development, providing robust infrastructure and creating an environment conducive to innovation. We will continue to engage with lawmakers and policymakers to drive positive policies that will sustain this transformative journey,” Alake stated. He added that the fintech hub aligns with the Federal Government’s quest to achieve the Sustainable Development Goals by 2030.
