By Gideon Maxwell
July 10, 2024
Former Nigeria’s Vice President Yemi Osinbajo has highlighted the immense potential of African youth to drive innovation and economic growth at the launch of the Timbuktoo Fintech Hub in Lagos.
Osinbajo, who serves as a guardian of the Timbuktoo Africa Innovation Foundation, stated, “The spirit of innovation requires us to work together on the journey to Timbuktoo.”
The United Nations Development Programme (UNDP), African governments, and the private sector plan to raise $1 billion to support start-up innovation across the continent.
This vision received a significant boost on Tuesday, July 9, 2024, with the unveiling of the Timbuktoo fintech hub in Lagos, as Prof. Osinbajo, the guardian of the Timbuktoo Africa Innovation Foundation, lauded the Africa’s youths’ initiative to drive economic progress.
The former VP cited the success of Nigerian startups like Flutterwave, Interswitch, OPay, and Andela, all founded by innovators under 30, as proof of the power of youth-led innovation, saying, “Youth innovators have the power to bring prosperity and power to the Africa of our dreams.”
“In recent times, we have seen dramatic proof of the power of innovation to bring amazing prosperity. In Nigeria, we have at least five unicorns including Flutterwave valued at over $3bn today, Interswitch, over $1bn, and Opay valued at $2bn among others. All the founders of these unicorns were under 30 when they founded these unicorns,” Osinbajo said.
The Lagos hub, led by the UNDP, is the first of a series of technology centres planned for 13 African countries, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi.
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The Timbuktoo Fintech Hub, launched by the United Nations Development Programme (UNDP) in collaboration with the Nigerian government, aims to strengthen the local and regional fintech ecosystem and spur socio-economic development across Africa.
The hub will provide a physical and virtual space equipped with state-of-the-art technology for startups to build, test, and scale their solutions.
Governor Babajide Sanwo-Olu, represented by his Special Adviser on Innovation and Digital Technology, Olatubosun Alake, praised the launch, acknowledging the potential of young innovators to drive solutions to complex challenges facing the continent.
The hub’s focus on financial technology is expected to accelerate problem-solving, promote inclusive growth, and support sustainable development.
The launch marks a significant milestone in the Timbuktoo initiative, which seeks to raise $1 billion to fuel start-up innovation across Africa. With the unveiling of the Lagos hub, the first of 10 thematic hubs planned across the continent, Africa is poised to become a global leader in fintech and technological innovation.
