The rise of Nigeria’s fintech sector, marked by the emergence of at least five unicorns—startups valued at over $1 billion—was the result of deliberate policy moves under the Buhari presidency and the personal inspiration of former Vice President Yemi Osinbajo. This was disclosed by Iyinoluwa Aboyeji, co-founder of Flutterwave and Andela, two of the country’s leading fintech giants, during an appearance on Inside Sources with Laolu Akande.
Aboyeji revealed that as a member of the Industrial Competitiveness Council, chaired by Osinbajo, he witnessed firsthand the strategic efforts that helped shape Nigeria’s digital economy. According to him, these initiatives culminated in a pivotal 2017 trip to Silicon Valley led by Osinbajo, where Nigerian startups pitched their ideas to top global investors, securing much-needed funding that propelled them to unicorn status.
Reflecting on the trip, Aboyeji stated, “When Prof [Yemi Osinbajo] took a group of ministers and private sector players to Silicon Valley, it was a game changer. The visit opened doors, and money flowed in after that. One of our venture platforms even signed a $10 million deal with the Nigerian/US Council before we left the U.S.”
This mission to Silicon Valley, which was followed by a stop in Hollywood, not only opened funding channels for tech entrepreneurs but also showcased Nigeria’s readiness to be a significant player in the global digital economy. “Prof inspired a wave of funding that made us unicorns,” Aboyeji added.
The role of the government, specifically the Buhari-Osinbajo administration, in fostering a conducive environment for fintech to thrive, cannot be overstated. Aboyeji credited the administration’s forward-thinking policies, combined with support from the Central Bank of Nigeria (CBN) under former Governor Godwin Emefiele, for laying the foundation. “Emefiele often gets criticized, but the truth is he built a policy environment where fintech could flourish, with the support of a nationalistic administration,” Aboyeji remarked.
Aboyeji’s journey in the fintech space began in 2014 when he co-founded Andela, a platform that trains software developers across Africa, and later Flutterwave, a payments technology company that facilitates cross-border transactions. “If you had told me back in 2014 that I would have co-founded two unicorns, I wouldn’t have believed you,” he admitted.
According to him, the key to these companies’ success lies in a few fundamental principles. For Andela, it was a belief in Nigeria’s talent. “Andela is a product of Nigerian talent,” he said, emphasizing the importance of investing in people. For Flutterwave, the secret lay in having a genuine interest in the customer and adhering to a strategy of doing things the right way.
Aboyeji’s vision for Nigeria’s digital economy is not only about fintech but also about harnessing the full potential of the country’s human capital. While many young Nigerians may feel disillusioned by the current economic challenges, Aboyeji remains optimistic about the future.
During his interview, Aboyeji drew a parallel between Nigeria’s current economic challenges and a pivotal moment in U.S. history. He referenced how, in 1971, President Richard Nixon’s decision to detach the U.S. dollar from the gold standard initially created uncertainty, but eventually led to one of the longest periods of productivity and technological advancement in U.S. history.
“The America of today is vastly different from what it was in 1971. That decision, although controversial, unleashed decades of innovation,” Aboyeji explained, pointing to the rise of companies like Microsoft and the internet revolution that followed.
He believes Nigeria is currently at a similar crossroads. “We are in our 1971 moment. Our currency is at one of its lowest points, but this presents an opportunity. For too long, our prosperity was based on unsustainable policies and subsidized consumption. Now, we have to think differently, and the key to our future is not oil but talent.”
Aboyeji also challenged the common perception of Nigeria’s brain drain as a loss. He argued that the exodus of young Nigerians—popularly referred to as “japa”—to seek opportunities abroad should be viewed as a positive development. According to him, this phenomenon creates space for new talent within the country and helps position Nigeria as a global exporter of talent, similar to the experience of India.
“People talk about ‘japa’ like it’s a bad thing, but it’s actually the best thing that has happened to this country,” Aboyeji said. He noted that many young Nigerians who leave the country would not have found jobs locally, and their departure creates opportunities for others. Furthermore, the Nigerian diaspora plays a crucial role in driving remittances and investments back into the economy.
He emphasized the need to overhaul the country’s education system to focus on producing talent for export. “We need to rejig our education system and orient it towards export. If we can position ourselves as a hub of global talent, we can transform our economy.”
Aboyeji’s reflections offer a hopeful outlook on the future of Nigeria’s economy, particularly as the country leverages its human capital and digital innovations. With continued support from government policies that encourage entrepreneurship, as well as a focus on talent development, Nigeria’s fintech and broader digital economy may be poised for even greater success on the global stage.
As Nigeria navigates its “1971 moment,” the lessons learned from both local innovation and global history may shape the country’s trajectory for decades to come. Aboyeji’s insights suggest that while challenges remain, the opportunities for growth and transformation are unprecedented.
