Reclaiming the Innovation Dividend

At GITEX Nigeria, Dr. Armstrong Ume Takang, CEO of the Ministry of Finance Incorporated (MOFI), addressed a critical issue facing Nigeria’s tech ecosystem: the disproportionately low participation of local investors in successful startups.

Takang noted that while Nigerian founders generate brilliant solutions, the majority of financial upside flows to offshore angel investors and venture capitalists. Market data confirms this trend – Nigeria attracted $1.18 billion in venture capital in 2024 (82% of all activity between 2020-2024), yet local ownership at early funding stages remains limited.

“We create innovation locally, but the wealth generated is often exported,” Takang stated, highlighting a significant missed opportunity for Nigeria’s economy. He emphasized that tokenizing government assets could democratize wealth creation and allow ordinary citizens to participate in high-value national resources.

MINT AFRICA: A Catalyst for Change

The launch of GITEX’s MINT AFRICA platform represents a structural solution to this challenge. Scheduled to debut in 2027, MINT AFRICA will bring together regulators, institutional investors, and digital asset innovators to accelerate the transformation of Africa’s financial economy.

For Takang, tokenization is key to unlocking greater local participation in the digital asset ecosystem. He challenged Nigerians to become “active participants” rather than passive observers as programmable assets reshape global finance.

Lagos State officials echoed this sentiment, positioning Lagos as the natural hub for Africa’s financial revolution – citing its market scale, talent pool, and existing infrastructure investments. Commissioner Tunbosun Alake noted that closing the gap between innovation and deal execution is essential for unlocking value.

“We would rather have your capital than your admiration,” declared Special Adviser Engr. Ganiyu Oseni, emphasizing Lagos’s readiness to host a programmable, cross-border financial future.