This article was contributed to by Ahunna Eziakonwa, UN Assistant Secretary-General and UNDP Africa Bureau Director
Africa is on the cusp of major change – a transformation driven by its people’s ingenuity, resilience, and ambition. With the world’s fastest-growing youth population and a wellspring of untapped potential, the continent faces a pivotal choice: embrace a future where innovation fuels inclusive growth or allow bureaucratic inertia and outdated policies to stifle the momentum.
Entrepreneurs across Africa are already rewriting the narrative. From fintech disruptors bringing financial services to the unbanked to agritech pioneers transforming food security, they prove that Africa’s challenges are best solved by those who know them intimately. African startups like Netagrow and Medtech Africa have demonstrated groundbreaking ingenuity, driving digital transformation across industries.
Yet, despite their brilliance, these entrepreneurs face an uphill battle. Investment remains scarce, regulations are inconsistent, and markets are frustratingly fragmented. Africa accounts for 17% of the global population but attracts less than 1% of global venture capital investments. This is not just a gap; it is a chasm. If we fail to act decisively, we risk turning a generation of innovators into a generation of missed opportunities.
Breaking Down Barriers
The problem is not ambition. It is policy. Across the continent, entrepreneurs face a regulatory environment that feels more like a maze than a launchpad. Entrepreneurs struggle to navigate conflicting regulations that change from one border to the next. Growth is stunted not by lack of talent or ambition, but by the sheer weight of red tape.
This is where initiatives like timbuktoo, championed by the United Nations Development Programme (UNDP), come in. timbuktoo is not just another development project. It is a bold, audacious attempt to bridge the gap between Africa’s untapped talent and the global innovation economy, ensuring that our brightest minds are given the support they need to solve Africa’s most pressing challenges.
With a goal of mobilising and investing $1 billion in catalytic and commercial capital to ignite Africa’s startup revolution, timbuktoo is building the ecosystem entrepreneurs need to thrive. Through thematic hubs and University Innovation Pods (Unipods) across the continent, young innovators are gaining access to the tools, networks, and investments that can propel their ideas to scale.
However, initiatives like timbuktoo can only go so far with an enabling environment. The real game-changer lies in policy reform, driven by the timbuktoo Policy Impact Unit, which ignites Africa’s innovation engine through market-creating policies.
And Africa’s policymakers must rise to the occasion. We must break down regulatory silos and design market-creating policies that allow businesses to operate seamlessly across borders.
For instance, aligning digital payment regulations could accelerate the expansion of fintech solutions, making financial services more accessible to underserved populations. Similarly, standardising health regulations can streamline the deployment of healthtech innovations, improving healthcare access and quality across the continent.
The African Continental Free Trade Area (AfCFTA) provides a once-in-a-generation opportunity to drive this harmonization. However, it requires bold leadership and a willingness to prioritise innovation as the cornerstone of economic transformation. By integrating startup-friendly policies into its framework, we can transform Africa into a unified, thriving marketplace for innovation.
Achieving these goals requires collective efforts. The private sector must shift its mindset, recognising Africa not as a place to extract value, but as a partner in building ecosystems that support entrepreneurship. Development organisations, too, must evolve. Grants alone are not enough. Blended financing models that attract commercial capital are essential to scaling innovation. Most importantly, we need mobilisation from the grassroots – young entrepreneurs, thought leaders, and activists – who can push for the policy changes necessary to unlock Africa’s full potential.
Data is key. To advocate effectively for policy reform, we need robust, evidence-based research on how regulatory barriers affect African startups. This is why, with timbuktoo, we want to work closely with key stakeholders to ensure that Africa’s entrepreneurial ecosystem gets the support it needs.
Perhaps the most critical voice in this conversation is Africa’s youth. We must amplify the voices of those directly impacted by these policies: young entrepreneurs. Their stories of struggle and triumph must be heard in boardrooms, legislative chambers, and international fora. Rallying policymakers, development partners, and business leaders around a shared vision will create a movement that transcends borders and drives real change.
A Call to Action
The stakes could not be higher. Africa is not a continent waiting to be saved; it is already leading in critical innovation sectors, such as fintech and mobile money or e-commerce. It is time to break down barriers, mobilise resources, and rewrite the rules. With bold leadership, strategic investments, and unwavering commitment, we can ensure that Africa’s brightest minds no longer have to seek opportunities elsewhere but instead build a thriving future right at home. The future we envision is within our grasp.
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Ms. Ahunna Eziakonwa is UNDP Assistant Administrator, Assistant Secretary-General, and Director of the Regional Bureau for Africa – the institution’s largest – with a staff corps of over 5000 working in 46 Sub–Saharan African countries with an annual $1.2 billion budget. Her passion for preserving the dignity of Africa defines her leadership approach which focuses on equality, inclusion, reshaping narratives on Africa, and mobilizing for young entrepreneurs.
