Technology
Osinbajo Advocates Closing Entrepreneurial Gap with Technology, Innovation
By Adedapo Adesanya
Nigeria’s Vice President, Mr Yemi Osinbajo, has reiterated the need to close the entrepreneurial gap with the rapid growth of innovation and technology recorded over the years globally.
This was the view of the Vice President in a pre-recorded speech at a weekend ceremony in Lagos to mark the 20th anniversary of Interswitch, a leading fintech company in Nigeria and Africa.
He said there are even more exciting new frontiers to be explored and harnessed by Nigeria’s talented and enterprising young entrepreneurs.
Speaking at the ceremony Saturday evening, Mr Osinbajo noted that “as innovation and technology open exciting new frontiers in medicine and healthcare, we can rest assured that Nigeria will not lag behind.”
Noting that “innovative disruptions thrive on natural and human occasioned gaps within the system,” the VP added that many of such are in Africa.
According to the Vice President, “this is why our continent is undoubtedly the next and possibly the last frontier.”
“All across the continent, there are yawning gaps waiting to be plugged by innovative ideas and entrepreneurial efforts. It is exciting to see how sprightly young people, particularly, are rising to the challenge and the accelerated pace of creative disruptions in their wake,” he added.
Speaking further on the incredible talents and potential of Nigeria and Africa’s young people to drive socio-economic growth, the VP stated that, “in 2021 alone, African tech startups raised over $ 4 billion in funding, with over 564 startups across the continent solving critical problems in almost every sector.
“Within the next two decades, Africa’s workforce will be the largest in the world. They are skilled, and they are coming. As a result, more innovative disruptors will yet emerge to plug more of these gaps.”
Mr Osinbajo further said the President Buhari administration would continue to provide the enabling environment for young entrepreneurs and businesses to thrive.
“Our responsibility as a government has been to meet them halfway and perhaps outpace them with corresponding creativity in the provision of forward-thinking regulatory frameworks and adequate infrastructure. I can assure you that no effort is being spared in this regard.
“Nevertheless, there is still so much to be done; and a lot of ground to cover. I have no doubt, though, that we are up to the task,” he emphasised.
The VP observed that “it is through innovative disruptions that humans have managed to resolve their most complex challenges and stay ahead of the survival curve.
“Oftentimes, these ideas are championed by mavericks who find better, safer, and more cost-effective ways for us to live, do business, and govern; slight tweaks that improve our overall experience, and complete overhauls that lead us into new paths altogether.”
On what he described as ‘two rigorous decades of accelerated change,’ since Interswitch was founded 20 years ago, he noted that it was “incredible that what began as a novel idea to facilitate seamless payments across Africa has in barely two decades become something of an icon of technology and innovation literally pioneering Africa’s ongoing Fintech revolution.”
The Vice President described Interswitch “as a leading company at the forefront of agency banking and financial inclusion in Nigeria,” which “also operates the largest and fastest growing private sector-led domestic card scheme in the world.”
He further noted, “It is, therefore, a testament to the quality of the talent and courage of the founders of Interswitch that they saw the future clearly and predicted the potential of a nascent technology for scale and application.”
Situating Interswitch further in the innovative disruption that has since transformed Nigeria’s fintech space, Mr Osinbajo recalled that “in 2002, only 569 million people were connected to the Internet worldwide. Nigeria, as a whole, had less than 200,000 people with Internet access. In fact, PayPal, one of the pioneering electronic payment companies in the internet age, was barely four years old at the time.”
Since then, Africa’s domestic e-payments market has grown by 20 per cent annually in the last two years and is projected to hit around $40 billion in 2025, the Vice President said.
“It is estimated that around half of all future digital payments will come from Nigeria, Egypt, South Africa, Ghana, and Kenya, with Nigeria experiencing the fastest growth at 35 per cent per year. A lot of this is, of course, owed to the trailblazing efforts of Interswitch. Your rapid expansion, already serving customers in over 23 African Markets, is an ample demonstration of growing vitality.”
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has set a target of increasing the Information Communication Technology sector’s contribution to the Nigerian economy to 21 per cent from currently below 18 per cent.
Speaking during a visit to his alma mater, Anglican Grammar School, Onikolobo, Abeokuta, he said President Bola Tinubu was making significant efforts to raise Nigeria’s Gross Domestic Product (GDP) through increased contributions from the digital economy.
As of the fourth quarter of 2024, Nigeria’s ICT sector contributed 17.68 per cent to the country’s real GDP, marking an increase from 16.66 per cent in Q4 2023.
He said if the target is actualised, it would translate to further growth in Nigeria’s economy.
“This means more jobs and opportunities. For the first time in the history of this country, an administration is investing in 90,000 kilometers of fibre optic cables across the nation.
“This infrastructure will bring high-speed internet to schools through cables—not through jungles—enabling better learning environments,” he said.
Encouraging the students, Mr Tijani said background should not be a barrier to success.
“I once sat where you sit today. The lessons of kindness and empathy I learnt here shaped who I am.
“You can become ministers, ambassadors, governors, or even the President. You can shake the world,” he said.
To support education, Mr Tijani announced a fellowship programme for the top three students in JSS 1–3 and SS 1–2.
Each will receive N100,000 annually, along with laptops and school uniforms.
This will benefit around 70 students each year.
He also revealed plans to refurbish and digitally equip a school building and adopt the science laboratory.
The minister attended an ‘Innovation and Startups Roundtable’ with digital technology entrepreneurs and solution providers in Ogun State.
There, he underscored the need for technology-driven agriculture to address food insecurity and boost local food production.
“Given our large population and reliance on traditional farming, we cannot meet local food demand without embracing digital tools,” he said.
“Technology such as mobile apps, sensors, and drones can help farmers monitor crops, control pests, track soil changes, and ultimately improve productivity.”
Mr Tijani noted that countries like Ukraine had sustained agricultural output even amid conflict, due to their heavy investment in agricultural technology, encouraging Nigerian farmers to adopt similar innovations to reduce dependence on food imports and preserve foreign exchange.
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has lauded the Chinese multinational corporation and technology company, Huawei Technology Company Limited, for its investment in Nigeria’s digital sector.
He highlighted Huawei’s strong commitment to building national digital infrastructure and commended the company’s efforts in launching an Innovation Centre and fostering local talent development at the Huawei Day Nigeria 2025 Government Forum, held in Lagos.
He expressed appreciation for Huawei’s ongoing contributions to Nigeria’s digital transformation and emphasized the importance of continued collaboration between the ministry and Huawei.
The Huawei Day Nigeria 2025 Government Forum brought together top government and industry leaders to explore the transformative impact of digital technologies on governance, security, and public service delivery.
The forum featured a series of presentations with key leaders sharing their vision for the future of Nigeria’s digital landscape and the pivotal role of ICT in driving national progress.
The government forum organised as part of the activities in the ongoing Huawei Day Nigeria 2025 had speakers from various government MDAs share insights and best practices on digital transformation urban security， intelligent traffic and video surveillance, and ICT talent cultivation.
On his part, Mr Olusegun Olulade, the Executive Director, Centricity and Marketing of Galaxy Backbone stressed the importance of E-Government Network & Cloud in enabling Nigeria’s digital services.
He disclosed that “Galaxy Backbone’s cloud infrastructure is crucial for supporting Nigeria’s digital programmes by enhancing secure communication and data exchange across government ministries and agencies.
“It enables seamless interoperability, real-time data sharing, and improved decision-making, while ensuring robust cybersecurity.”
Furthering the discourse, Huawei Global Public Sector BU Chief Technology Officer, Mr Augustine Chiew, highlighted the cruciality of smart cities for Urban Digital Transformation.
“Smart city initiatives are reshaping urban environments by leveraging AI-powered surveillance, IoT platforms, and scalable cloud solutions to enhance traffic management, public safety, and overall quality of life.
“Cities like Lagos and Abuja are benefiting from these innovations, with a strong focus on sustainability, energy efficiency, and real-time connectivity, driving more efficient and livable urban spaces.
“Huawei smart city solutions accelerate public service digitalisation, serving 700+ smart cities in 100+ countries across the globe.
“Taking Lagos as an example, Huawei’s intelligent traffic solution has increased traffic efficiency, reduced traffic accidents, and decreased economic losses, which boosts city service efficiency and citizen satisfaction.”
The event had other speakers including the Director of Lagos State Vehicle Inspection Service, Mr Akin-George Fashola, who examined the importance of creating effective transportation systems in Lagos State.
He emphasised the need for the integration of big data analytics with video surveillance to enhance security operations and build public trust.
“This will contribute to multi-agency collaboration and improve emergency response capabilities, particularly in high-traffic and densely populated areas,” he said.
The government forum was an interactive platform for discussions on the impact of digital technologies on governance and public services in Nigeria.
The event underscored the need for enhanced collaboration between the public and private sectors to overcome infrastructure challenges, accelerate digital adoption, and build a more inclusive digital ecosystem.
Other speakers at the event include Deputy Comptroller General (ICT), Nigerian Immigration Service, Mr Mohammed Tukur Umar; Head, Infrastructure and Operations, Federal Inland Revenue Service, Mr Lanre Olaifa; ICT Director of the Lagos State Ministry of Innovation, Science and Technology, Mr Adeyinka Sorungbe; Head of Computer Engineering Department, Ahmadu Bello University, Professor Muhammed Muazu; and top Huawei executives.
By Aduragbemi Omiyale
Hadron by Tether has set a new standard for compliant tokenization with the integration of Chainalysis’ compliance and monitoring tools.
This upgrade brings institutional-grade oversight to Hadron by Tether by further strengthening its position as a trusted and regulation-ready marketplace for token issuance and asset management.
With this, the system can now monitor transactions to flag suspicious activity and enable ongoing compliance, and also streamlines onboarding and due diligence processes.
“With Hadron by Tether, we’re building the gold standard for compliant, secure, and scalable tokenization.
“By integrating Chainalysis directly into the platform, we’re offering institutional-grade transparency, compliance, and risk mitigation without compromising on decentralization or control,” the chief executive of Tether, Mr Paolo Ardoino, said.
“Chainalysis has always believed that trust is the foundation for the future of digital assets.
“We’re proud of this work with Hadron by Tether that will bring digital assets and blockchain technology to more institutions and organizations underpinned by our technology and blockchain intelligence that make the solution ready for a compliance-first world,” the chief executive of Chainalysis, Mr Jonathan Levin, stated.
Designed for institutions, corporations, and governments, Hadron by Tether enables the creation, management, and deployment of tokenized assets such as stablecoins, bonds, funds, and commodity-backed tokens across multiple blockchains.
With the integration of Chainalysis, participants now gain access to enhanced risk detection, real-time transaction monitoring, and full Know Your Transaction (KYT) support – ensuring adherence to global regulatory standards from day one.
This latest enhancement follows Tether’s broader commitment to security and accountability. As the issuer of USD₮, the most widely used stablecoin in the world, Tether has collaborated with over 255 law enforcement agencies across 55 countries and helped freeze more than $2.7 billion in illicit assets to date.
The same compliance ethos is now embedded in Hadron by Tether, empowering asset issuers to operate with confidence in an increasingly regulated environment.
The Chainalysis integration represents a major step in making Hadron by Tether not only a powerful platform for tokenization, but also a future-proof infrastructure layer for digital assets.
Tether previously announced it had adopted Chainalysis’ ecosystem monitoring solution to enhance surveillance across secondary markets and bolster compliance across all Tether tokens.
Now, those same advanced tools are directly accessible to Hadron participants, reinforcing a unified compliance standard across Tether’s expanding digital asset ecosystem.
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