Reclaiming the Upside: Nigeria Calls for Greater Local Investment in Tech Startups

At this year’s GITEX Nigeria, Dr. Armstrong Ume Takang, CEO of the Ministry of Finance Incorporated (MOFI), delivered a powerful message about the need for greater domestic capital participation in Nigeria’s booming tech ecosystem.

While Nigerian startups continue to generate innovative solutions and attract significant venture capital—$1.18 billion in 2024 alone, representing roughly one-third of all African VC funding—Takang pointed out a critical imbalance: the financial rewards often flow disproportionately to offshore investors rather than local stakeholders.

The innovation is undeniably Nigerian, but the wealth generated frequently exits the country, bypassing domestic economies. This dynamic represents a significant missed opportunity for Nigeria and its citizens.

MINT AFRICA as a Solution

GITEX’s newly announced MINT AFRICA platform—set to debut in 2027—offers a potential pathway toward greater local ownership. The initiative aims to bring together regulators, institutional investors, banks, and digital-asset innovators to accelerate the transformation of Africa’s financial economy.

Takang specifically highlighted the need for Nigeria to actively participate in the evolving digital asset ecosystem, asking: “Are Nigerians going to continue taking a back seat while others see the value, invest and benefit from the upside?”

MOFI is already pursuing this strategy through an ambitious partnership with the Nigerian Exchange, aiming to grow Assets Under Management from N18 trillion to N100 trillion within ten years. Tokenizing state assets could provide a mechanism for democratized wealth creation, allowing ordinary citizens and local institutions to invest in high-value national resources.

Lagos’s Position as Financial Hub

The event underscored Lagos State’s pivotal role in this financial revolution—as Africa’s largest fintech ecosystem with unmatched market scale, talent, and capital concentration. Tunbosun Alake, Lagos Commissioner for Innovation, emphasized the need to translate innovation into tangible deals rather than merely celebrating technological advancements.

Lagos officials expressed confidence in their infrastructure readiness while directly addressing international investors: “We would rather have your capital than your admiration.” The city is positioning itself as the natural home for Africa’s programmable financial future—a place where innovation can generate real economic returns for local communities.