The Unicorn group has revealed that it would invest about $300 million in Africa’s tech ecosystem over the next decade.
The investment aims to provide solutions to Africa’s major challenges.
The Chairman of the Unicorn Group, Kola Abiola, who made this known at the group’s TechMoney conference in Lagos, noted that digitalization offers innovation and finance across Africa.
“With a Nigerian youth population of 72 percent, the median age of 18.4 and an urban population estimated at 51.9 percent with similar percentages continent-wide, this initiative will provide much-needed hope by creating world-class solutions to African problems”.
Abiola noted that this development will unlock the entrepreneurial potential of Africa’s youth and create jobs of the future while ushering the continent into the fourth revolution.
Also speaking, Nigeria’s Vice-president, Professor Yemi Osinbajo pointed out that the investment was critical in boasting technology development in Africa as the key thing needed is that the, as well as other African countries, must position their economies to take advantage of the huge opportunities that exist in digital technology.
“Recognizing 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.
“Our expectation is that space will be a magnet for creative and dynamic thinking”.
Osibajo explained that the Launchpad Hub is expected to be completed and opened by the end of the year.
He added that it 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.