MINT AFRICA was announced at GITEX Nigeria amid a stark warning from Ume Takang, chief executive of the Ministry of Finance Incorporated (MOFI). He said Nigerian founders are creating valuable companies, yet domestic investors are rarely part of the early funding rounds.
Low Local Capital Participation
Independent data shows Nigeria attracted roughly $1.18 billion of venture capital in 2024, the largest share of Africa’s total $3.6 billion inflow. The tech sector alone absorbed 82 percent of that money between 2020 and 2024.
Despite this volume, local capital at seed and series‑A stages stays minimal. When startups hit profitability or a liquidity event, the upside primarily flows to offshore angels and venture firms.
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Takang described the pattern as a “monumental missed opportunity,” noting that the wealth generated by home‑grown innovation leaves the country instead of circulating domestically.
MINT AFRICA Aims to Shift the Balance
The launch of MINT AFRICA is positioned as a structural response. Set to roll out in 2027, the platform will gather regulators, banks, institutional investors and digital‑asset innovators to explore programmable money and tokenised assets.
Takang argued that tokenising government assets could open high‑value investments to ordinary Nigerians. “As we create digital tools that allow us to tokenise assets and make those assets widely available to investors, are Nigerians going to continue taking a back seat while others see the value, invest and benefit from the upside?” he asked.
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MOFI’s recent partnership with the Nigerian Exchange seeks to grow assets under management from N18 trillion to N100 trillion over ten years. Tokenisation of state holdings could provide the mechanism needed to democratise wealth creation.
Lagos State officials showed the city’s role as Africa’s fintech hub. Tunbosun Alake, commissioner for Innovation, Science and Technology, said the continent does not lack innovation, but the conversations that turn ideas into signed deals.
As the event closed, organizers reiterated that MINT AFRICA will focus on converting the identified gaps into tangible economic opportunities, with a launch slated for 2027.
