Nigeria’s former vice president, Prof. Yemi Osinbajo, has made a strong case for Africa’s pivotal role in global innovation and climate action during the Global Africa Business Initiative (GABI) event, “Unstoppable Africa,” recently held in New York.
The event, organised by the UN Global Compact, took place alongside the high-level week of the 79th United Nations General Assembly (UNGA), on Thursday, September 26, 2024, positioning Africa as a leading player in global business, trade, and investment.
Prof. Osinbajo highlighted Africa’s need to fully harness its innovation potential and break down barriers for startups on the continent.
He participated in a panel discussion titled Africa Accelerates: Tooling up our Next Generation of Global TechStars, where industry leaders discussed opportunities for scaling African startups in the global market.
“The innovation ecosystem in Africa today is disconnected in many respects. One of the things we can do to fix this is to address the issue of market access.
“We must ensure that our policies and regulations allow startups on the continent to do business in any of our jurisdictions, work on lowering barriers to entry, and facilitate cross-border transactions so our startups can scale,” Prof. Osinbajo stated.
Other panellists included Mohamed Kheir, Co-founder of Objectively Good Media and Management, Eva Yazhari, Managing Partner of Beyond Capital Ventures, and Ahunna Eziakonwa, Assistant Secretary-General and Director of the UNDP Africa Bureau.
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The panel explored the role of the Timbuktoo Africa Innovation Foundation, which aims to create an enabling environment for African startups to thrive.
At the event, GABI was praised for its unique approach to development, placing private sector engagement at the forefront of Africa’s growth.
GABI remarked, “GABI has distinguished itself from other Africa-focused fora by putting the private sector at the centre of the discussions and the solutions. GABI has created a platform that places Africa in its rightful place in the global economy.”
In parallel to the GABI event, Access Bank launched its Sustainable Finance Accelerator Program, an initiative developed in collaboration with Climate Finance and Investment Accelerator Limited (CFiA).
The programme aims to incubate and advance credit for sustainable finance projects, with a specific focus on three core areas: developing climate mitigation and adaptation projects, supporting entrepreneurs in the green sector, and capacity-building for early-stage businesses.
Prof. Osinbajo, a known advocate for climate action, praised the initiative: “Africa must embrace innovation and disruptive financial strategies to mobilise private sector finance for climate action.
Despite receiving only 3 per cent of global climate finance between 2019-2020, there are promising initiatives like Access Bank Plc’s Sustainable Finance Accelerator Programme, which is advancing credit for over 1,000 sustainable projects across sectors like renewable energy and agriculture.
The Sustainable Finance Accelerator Program will also provide mentorship, resources, and networking opportunities for startups focused on sustainability, ensuring they have the tools to scale and make a global impact.
This initiative, Prof. Osinbajo emphasised, aligns financial incentives with sustainability goals and represents a significant step towards fostering economic growth while mitigating climate change.
“I look forward to the impact this programme will have on Africa’s economic, social, and environmental landscape,” he added.
With Africa Fintech Foundry and Future Perspectives playing key roles in the programme, it is expected that this collaboration will further drive systemic change in industries related to environmental conservation and sustainable development, reinforcing Access Bank’s commitment to green finance.
