Business

Africa’s Time Is Now : Biilding Global Prosperity Through Enterpreneurship- Dr. Doris Uzoka-Anite, CFA

Published

2 months ago

May 7, 2025

The world’s next billion-dollar enterprises are already taking root on African soil. Come. See. Build with us.”

Across boardrooms, innovation hubs, and policy circles, one truth has become increasingly undeniable: entrepreneurship is the engine of modern prosperity. From Silicon Valley to Shenzhen, Bangalore to Lagos, it is entrepreneurial ingenuity that drives economic transformation, unlocks human potential, and redefines nations’ futures.

Yet while the global innovation map is familiar, a new frontier is rapidly emerging — Africa. And at its heart, Nigeria is leading the charge.

At the Legatum Center for Development and Entrepreneurship at MIT, I recently had the privilege of addressing global investors, policymakers, and innovators on this very topic: Innovation in Global Markets – Prosperity Through Entrepreneurship. I left more convinced than ever that Africa’s moment is not a distant aspiration; it is here, it is now, and it is powered by an entrepreneurial spirit as vast as our potential.

Our demographic advantage — over 220 million Nigerians, with 60% under the age of 25 — represents not just a number, but a seismic opportunity. Young, dynamic, digitally fluent Nigerians are already reshaping sectors from fintech to agritech. Success stories such as Flutterwave, now valued at over $3 billion, and Paystack, acquired by Stripe for $200 million, are proof that African innovation is globally viable, scalable, and investable.

In 2022 alone, Nigerian startups raised more venture capital than the rest of West Africa combined. These are not isolated triumphs; they are signals. Signals that Nigeria is open for business. Signals that African entrepreneurs are not waiting for handouts — they are building, scaling, and thriving.

But entrepreneurship does not happen in a vacuum. Innovation requires ecosystems — supportive environments where policy, regulation, capital, education, and infrastructure converge to enable ideas to flourish. As Mariana Mazzucato reminds us, innovation is not just about ideas; it is about ecosystems.

Yet as we build these ecosystems, we must confront hard truths. Despite the excitement around African entrepreneurship, there remains a significant misfit between available capital and the sectors that truly reflect our real economy. Too much of the funding today flows narrowly into high-growth tech ventures aimed at unicorn valuations. Too little reaches agriculture, processing, fashion, trade — the industries where the majority of Africans live, work, and create.

This misallocation is not just an economic oversight — it is a structural risk. As I noted at the Legatum Centre, we cannot eat artificial intelligence. Even the architects of AI must eat. If our investment models continue to overlook the foundational sectors that sustain life — food systems, manufacturing, community-based enterprises — we will build economies detached from the needs of real people.

We must also rethink how we judge entrepreneurial potential. Too often, the current models favour those who fit narrow expectations — those who pitch with flashy energy, polished accents, or perfect certainty. But real entrepreneurship, especially in emerging markets, is messy. It is probabilistic, not deterministic. Some of the best entrepreneurs are soft-spoken, operate in local languages, and are solving deeply local problems.

If we restrict opportunity to only those who conform to imported templates, we will miss out on the vast ingenuity present across Africa — in our markets, our farms, our informal sectors. We must deliberately develop new pipelines of entrepreneurs, expand how we recognise potential, and create funding models that are as diverse as the markets we seek to serve.

Celebrating success is important — but so too is normalising failure. In mature ecosystems, entrepreneurs who fail are not banished; they are funded again, having learned valuable lessons. In our societies, we must build a culture that embraces iteration, resilience, and second chances.

Nigeria is acting. Through initiatives like the Nigeria Startup Act, our Digital Economy Policy (2020–2030), strategic funding instruments such as the Bank of Industry and Development Bank of Nigeria, and our leadership within the African Continental Free Trade Area (AfCFTA), we are creating an environment where broader types of entrepreneurship can thrive.

But we cannot do it alone. We need global capital that is patient, intentional, and impact-driven. We need investors who understand that true inclusive prosperity comes not only from scaling a handful of tech giants, but from empowering millions of SMEs across diverse sectors.

This demands alternative financing mechanisms — ones that prioritise stability, resilience, and widespread job creation over short-term returns. It requires fund managers willing to invest in food systems, manufacturing, retail, healthcare, education — the lifeblood sectors of society. It calls for a new generation of investors who are as committed to building as they are to profiting.

Africa’s entrepreneurial journey will not be without challenges. But it is challenges that have historically given rise to the greatest innovations. If we create the right ecosystems — and recalibrate our investment priorities — African entrepreneurs will respond, not just with local solutions, but with global leadership.

To the global investor community, my invitation remains simple: Come. See. Build with us.

The world’s next billion-dollar enterprises, groundbreaking technologies, and prosperity-driving ecosystems are already taking root on African soil. Together, we can shape a future defined not by exclusion, but by inclusion; not by extraction, but by empowerment.

Africa’s time is now. Let us build it — together.

Dr. Doris Uzoka-Anite is Nigeria’s Minister of State for Finance.

Business

Edun Champions Nigeria’s Fiscal Reset At The UN Finance Summit

Published

6 days ago

July 2, 2025

Stories24

In a bid to drive economic growth and development, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has today emphasized the need for fiscal reform and international cooperation when he delivered the country’s statement at the 4th International Conference on Financing for Development (FFD4), holding in Sevilla, Spain.

Speaking at a high-level roundtable on domestic public resource mobilisation, HM Edun called for a rebalancing of global finance to better reflect the realities of developing economies. He highlighted Nigeria’s reforms to improve tax administration, drive fiscal discipline, and create an enabling environment for private sector investment.

*In today’s evolving global landscape, self-reliance is essential. We are prioritising digital infrastructure, transparency, and institutional reform to deliver more for Nigerians with every naira spent,* the Minister noted.

He also stressed the urgent need for stronger international collaboration on tax fairness and illicit financial flows, areas where African economies continue to face systemic disadvantage.

The event brought together senior officials from the United Nations, OECD, EU, and development banks, alongside finance ministers from countries including Nepal, Malawi, and Uruguay.

As the Nigerian government continues to drive economic reforms, HM Edun’s message at the UN Finance Summit underscores the country’s commitment to achieving sustainable economic growth and development for the benefit of all Nigerians

Business

Nigeria Emerges As Pan -African Trade Powerhouse As Edun Charts Path To Economic Dominace At Afreximbank Meetings

Published

1 week ago

June 30, 2025

Stories24

The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) provided a platform for Nigeria to showcase its economic prowess, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighting the country’s emergence as a regional hub for trade, development finance, and industrial growth.

Speaking during a high-level session of delegates from across Africa and the diaspora at the Annual Meetings in Abuja on Friday, the Minister underscored Nigeria’s partnership with Afreximbank as a model for effective collaboration between governments and development finance institutions. *We are not just participating in a summit. We are advancing a shared vision for Africa’s prosperity, with Nigeria playing a leading role in its delivery,* Edun said.

He highlighted further that Nigeria has secured over $52 billion in Afreximbank financing, with targeted interventions across energy, infrastructure, healthcare, and SME development, including the Africa Trade Centre in Abuja, the African Medical Centre of Excellence, and the proposed Africa Energy Bank, with $5 billion in capital, to be headquartered in Abuja.

The Minister also pointed to Nigeria’s recent formal adoption of the Pan-African Payment and Settlement System (PAPSS), calling it a game-changer for intra-African trade and financial independence. *With PAPSS, Nigerian businesses can settle cross-border transactions in local currencies, reducing foreign exchange pressures and creating a more stable trade environment,* he stated.

HM Edun applauded the innovative leadership of Afreximbank President Prof. Benedict Oramah and urged the Nigerian private sector to leverage the full suite of Afreximbank instruments, including FEDA, AQAC, and CANEX, to expand market access and scale impact. *The enabling institutions are in place. The infrastructure is growing. Now is the moment for Nigeria’s entrepreneurs and investors to go bigger, bolder, and regional,* he added.

The 32nd Afreximbank Annual Meetings convened top public and private sector leaders to advance dialogue on trade integration, financing solutions, and industrial growth across Africa.

As the African economy continues to evolve, Nigeria’s emergence as a pan-African trade powerhouse positions the country for sustained growth, investment, and prosperity. With strategic partnerships and innovative solutions, Nigeria is poised to play a leading role in shaping the continent’s economic future.

Business

Nigeria, Rwanda Sign Double Taxation Treaty To Unlock Cross-Border Investment

Published

1 week ago

June 28, 2025

Stories24

On the sidelines of the 32nd Afreximbank Annual Meetings, holding in Abuja, Nigeria, the Federal Republic of Nigeria and the Republic of Rwanda today signed a landmark Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, reinforcing their shared commitment to deepening economic cooperation and facilitating private sector-led growth across Africa.

The high-level signing ceremony, held in Abuja, was presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa, Minister of Finance and Economic Planning.

HM Edun hailed the agreement as a strategic milestone following the recent passage of four landmark tax reform bills in Nigeria. *This agreement is a critical tool for promoting cross-border investment, ensuring tax certainty, and eliminating the risk of being taxed twice on the same income,* he stated. Edun added that the agreement *supports our broader objective of unlocking private sector capital, accelerating intra-African trade, and positioning Nigeria as a competitive destination for investment under the African Continental Free Trade Area (AfCFTA).*

The treaty simplifies tax administration, improves transparency, and aligns Nigeria with global standards, ensuring that both governments can protect taxpayers, reduce loopholes, and combat fiscal abuse. It is expected to bolster confidence among investors operating in both countries, particularly in sectors such as technology, finance, agriculture, and logistics.

Rwanda’s Finance Minister, Yusuf Murangwa, echoed the sentiment of partnership and long-term ambition: *This agreement is a testament to the strong partnership between Rwanda and Nigeria, and a critical step in creating a unified, investor-friendly Africa. We believe this will serve as a model for deeper regional integration and shared prosperity.*

Both ministers acknowledged the dedication of their technical teams, whose professionalism and foresight shaped the framework for this outcome. The agreement not only cements bilateral tax cooperation but also opens the door for enhanced trade, technology collaboration, and capital flows, laying the foundation for a more resilient, integrated African economy.

As Africa continues to evolve, partnerships like this pave the way for a brighter economic future, fostering growth, investment, and prosperity across the continent.