Abubakar Siddiq Ibn Usman
Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, has made a compelling case for increased global investment in Africa’s entrepreneurial ecosystem, declaring that “Africa’s time is now” during a recent address at the prestigious Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT).
Speaking to a high-level audience of global investors, policymakers, and innovators, Dr. Uzoka-Anite emphasized that Africa — with Nigeria at the forefront — is not just a promising frontier for innovation but a vibrant hub already producing globally recognized enterprises.
“The world’s next billion-dollar enterprises are already taking root on African soil,” she stated. “Come. See. Build with us.”
The Minister pointed to Nigeria’s young, tech-savvy population — over 60% under the age of 25 — as a key demographic advantage fueling entrepreneurial growth across sectors like fintech and agritech. She highlighted homegrown success stories such as Flutterwave, now valued at over $3 billion, and Paystack, acquired by U.S. payment giant Stripe for $200 million.
According to her, Nigerian startups raised more venture capital in 2022 than the rest of West Africa combined, signaling that the country is increasingly becoming a destination for serious global investment.
However, she cautioned that true prosperity will require a more inclusive funding approach that goes beyond the tech sector.
“Too much of the funding today flows into high-growth tech ventures, while foundational sectors like agriculture, manufacturing, and trade remain underfunded,” Dr. Uzoka-Anite warned. “We cannot eat artificial intelligence.”
She advocated for investment strategies that reflect the realities of African economies and emphasized the need to support a broader base of entrepreneurs — including those operating in local languages, informal markets, and non-tech industries. She also called for a cultural shift toward normalizing entrepreneurial failure as part of a healthy innovation ecosystem.
The Minister outlined Nigeria’s ongoing efforts to strengthen its startup environment, including the Nigeria Startup Act, the National Digital Economy Policy (2020–2030), and the role of national institutions like the Bank of Industry and Development Bank of Nigeria. She further reiterated Nigeria’s commitment to regional integration through the African Continental Free Trade Area (AfCFTA).
Urging the global investment community to engage with Africa more intentionally, Dr. Uzoka-Anite called for “patient, impact-driven capital” and alternative financing mechanisms that prioritize inclusive growth and widespread job creation.
“If we create the right ecosystems and recalibrate our investment priorities,” she said, “African entrepreneurs will respond with not just local solutions, but global leadership.”
Her message was clear and urgent: the future of global entrepreneurship is being shaped in Africa, and the time to invest is now.
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Rabiu M. Hamza
Agency News
