By Gideon Maxwell
July 20, 2024
Former Nigerian Vice President Yemi Osinbajo and billionaire Aliko Dangote recently have to discuss the Timbuktoo Africa Innovation Fund, a groundbreaking initiative aimed at investing $1 billion over the next decade into 1,000 tech startups across Africa.
The Timbuktoo Africa Innovation Fund was launched on January 16, 2024, during a special session at the 24th Annual Meeting of the World Economic Forum in Davos, Switzerland.
Osinbajo shared insights from his meeting with Alhaji Aliko Dangote on his social media, discussing their collaborative efforts to bolster young African entrepreneurs.
Describing their meeting, he said he had an “insightful Timbuktoo Africa Innovation Fund working session with Alhaji Aliko Dangote, exploring solutions to support young African entrepreneurs across the continent through stronger innovation ecosystems, practical policies, and access to capital.”
This initiative, spearheaded by the United Nations Development Programme (UNDP), aims to mobilize $1 billion to support 1,000 tech startups across Africa over the next decade.
The fund is a collaboration between the United Nations Development Programme (UNDP) and several African nations, designed to bolster innovation ecosystems, implement practical policies, and improve access to capital for young entrepreneurs.
Osinbajo, who serves as the Guardian of the Timbuktoo Africa Innovation Foundation, stated, “Timbuktoo is for every African youth, and we are already creating pipelines which are benefiting young innovators through the Timbuktoo Unipods across Africa. We are seeking the right partners to come on board and unlock resources for more young innovators.”
The fund will allocate $350 million in risk-tolerant capital to attract an additional $650 million from private investors, focusing on key sectors in specific countries:
– Fintech in Nigeria
– Health tech in Rwanda
– Agritech in Ghana
– Edtech in Senegal
– Creative economy in South Africa
– Green-tech in Kenya
– Trade, logistics, and e-commerce in Egypt
– Hospitality and tourism in Morocco
ALSO READ: Osinbajo champions youth innovation at Timbuktoo Fintech Hub launch in Lagos
Osinbajo’s recent travels to Rwanda and Ghana underscore his commitment to raising awareness and securing support for the fund.
He met with Rwandan President Paul Kagame and Ghanaian President Nana Akufo-Addo to discuss the fund’s implementation and the launch of the Pan-African Agritech Hub in Ghana, aimed at revolutionizing agriculture with technology.
The Timbuktoo initiative is poised to address critical gaps in Africa’s startup ecosystem, where the continent currently holds only 0.2% of global startup value.
By blending commercial and catalytic capital, Timbuktoo seeks to de-risk private investment and nurture a comprehensive startup ecosystem.
The UNDP aims to transform 100 million livelihoods and create 10 million dignified jobs through this ambitious program, emphasizing the potential of Africa’s youth to drive innovation and economic progress.
