The Unicorn group has committed to invest about $300 million in Africa’s tech ecosystem over the next decade. The investment aims to provide solutions to Africa’s major challenges.
This plan was revealed in Lagos, Nigeria at the group’s TechMoney conference. The Chairman, Unicorn Group, Kola Abiola, who said digitalisation offers innovation and finance across Africa.
“With a Nigerian youth population of 72 per cent, median age of 18.4 and an urban population estimated at 51.9 per cent with similar percentages continent wide, this initiative will provide much needed hope by creating world class solutions to African problems,” Abiola said.
“This will in turn unlock the entrepreneurial potential of Africa’s youth and in summary create jobs of the future while ushering the continent into the fourth revolution.”
In his remarks, Nigeria’s Vice-president, Professor Yemi Osinbajo, represented by Ambassador Adeyemi Dipeolu, said investment was critical in boasting technology development in Africa.
“Recognising that indigenous innovation is the fastest, cheapest and smartest way to solve challenges in the various sectors of the economy, the Nigerian government is building and supporting innovation hubs
“The Launchpad Hub which is expected to be completed and opened by the end of the year will cater to the technical needs of young student innovators who need the right environment to create disruptive ideas and find innovative solutions across all sectors. Our expectation is that the space will be a magnet for creative and dynamic thinking.
“The key thing then is that Nigeria and indeed other African countries must position their economies to take advantage of the huge opportunities that exist in digital technology and to mitigate the challenges that will most certainly arise.”
