The United Nations Development Programme (UNDP) has launched the Timbuktoo Fintech Hub in Lagos, a major milestone in fostering innovation and entrepreneurship across Africa.
The hub, part of the larger Timbuktoo African Innovation Fund initiative, will support 42 young innovators in developing cutting-edge financial technologies.
Former Vice President of Nigeria and Custodian of the Timbuktoo Africa Innovation Foundation
Professor Yemi Osinbajo stated that this generation of young people are the most advanced human beings in the history of mankind.
“They are the smartest you will ever find,” Osinbajo said.
He emphasized that the current generation is equipped to solve global challenges in infrastructure, healthcare, and capacity building, stressing the critical role of enabling institutions.
“Over the past five years, Nigeria has witnessed the transformative power of innovation, with several startups achieving billion-naira valuations. Notable examples include Flutterwave, Interswitch, and OPay, all founded by individuals under 30” he explained.
Osinbajo underscored the importance of this innovative spirit for Nigeria and Africa’s future, stating, “It is this energy and spirit of innovation that will power Nigeria and the Africa of our dreams.”
The Timbuktoo initiative, described by Osinbajo as the world’s largest hub for resourcing African innovation ecosystems, aims to catalyze tech-enabled enterprises and create millions of well-paying jobs.
“The initiative includes a network of pan-African thematic hubs and Unipods (university-based innovation hubs) across 13 countries. The Lagos Fintech Hub is one of several innovation hubs, with others focusing on agrotech in Accra, climate-tech in Kenya, and creative industries in Cape Town” he stated.
Representing the Governor of Lagos State, Babajide Sanwo-Olu, the Lagos State Commissioner of Innovation, Science and Technology, Mr. Olatubosun Alake, spoke on the significance of the new hub. “This UNDP Innovation Center here will be a lifeblood of progress,” he said, highlighting Lagos’s dynamic entrepreneurial spirit and its status as Africa’s leading fintech capital.
Alake expressed confidence that the hub, in collaboration with the Lagos State government, would drive economic empowerment and transformative business practices across the continent.
Governor of Plateau State, Caleb Mutfwang, emphasized the need for innovative solutions to combat poverty in Africa. “The greatest threat to Africa’s existence is poverty, and we must look for innovative solutions to address this issue,” he stated. Mutfwang expressed eagerness to collaborate with UNDP, noting Plateau State’s natural advantages and potential to offer exciting technological advancements.
As the groundbreaking event unfolded Nigerian Afrobeat and reggae-dancehall singer Patrick Nnaemeka Okorie, better known by his stage name Patoranking was unveiled as the UNDP regional goodwill ambassador.
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