Dr Armstrong Ume Takang, Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), has called for greater participation by Nigerian investors in the country's startup ecosystem, warning that local innovation is generating wealth that largely benefits offshore capital. Speaking at GITEX Nigeria, he pointed to data showing Nigeria attracted $1.18 billion in venture capital in 2024—82 per cent of which flowed into technology startups—yet indigenous investors remain underrepresented in early funding rounds. This imbalance means profits from successful homegrown ventures are captured by foreign angels and venture firms rather than circulating within the domestic economy.
To address this, GITEX launched MINT AFRICA, a platform set to debut in 2027 focused on merging money, innovation, and digital technology to reshape Africa's financial landscape. The initiative will bring together regulators, banks, institutional investors, and digital-asset innovators to harness programmable money and asset tokenisation. Takang advocated for the tokenisation of government assets to broaden access for local investors, asking whether Nigerians would remain passive as others profit from the nation's digital transformation. MOFI's own strategy includes growing its Assets Under Management from N18 trillion to N100 trillion in ten years through partnerships like the one with the Nigerian Exchange.
Lagos State reaffirmed its role as a financial technology hub, with Ganiyu Oseni, Special Adviser on Technology to the Governor, underscoring the city's readiness for financial innovation. Dr Nurudeen Abubakar Zauro, Technical Adviser to President Bola Tinubu on Economic and Financial Inclusion, stressed that achieving a $1 trillion economy requires deeper financial sector integration and formalising the informal economy.
The push for Nigerian investors to claim a larger share of startup returns exposes a paradox: local founders build for local markets, yet the financial upside is structured for foreign capture. If tokenisation is the solution, the real test will be whether ordinary Nigerians gain meaningful access to these digital assets, not just institutions and elites. Without inclusive mechanisms, MINT AFRICA risks reinforcing the very imbalance it seeks to correct.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
