In a landmark meeting at the Presidential Villa, President Bola Ahmed Tinubu expressed his firm commitment to supporting Nigeria’s rapidly growing fintech sector, emphasizing that companies like Flutterwave hold the key to unlocking the country’s digital economy potential.
President Tinubu’s remarks were made during a high-profile meeting with Flutterwave CEO Olugbenga Agboola, his colleagues from the company, including co-founder Adeleke Adekoya, and other stakeholders in Nigeria’s digital landscape. The meeting, held on Saturday, February 22, 2025, saw the President and Minister for Finance, Wale Edun, reaffirming the federal government’s dedication to empowering Nigerian businesses in the financial technology space.
The gathering marked a significant moment for the Nigerian economy, especially as the fintech sector continues to emerge as one of the country’s most promising growth industries.
Nurturing Nigeria’s Digital Future
Speaking passionately about Nigeria’s vibrant young population and the role of innovation in driving national development, President Tinubu remarked, “The leadership Flutterwave is providing in the digital space is exactly what Nigeria needs to propel our economy forward. Your work simplifies processes for millions of Nigerians, making daily life easier and more connected.”
The President also acknowledged the crucial role Flutterwave plays in Nigeria’s financial system, especially in enabling digital payments across borders. “It’s a true testament to what can be achieved when youth and innovation come together. Nigeria is lucky to have such energetic and resourceful talent,” Tinubu added.
The President’s recognition of Flutterwave was not limited to just its financial success but extended to its broader impact on the African continent. With operations spanning various countries, Flutterwave’s expansion aligns with the administration’s vision to position Nigeria as a key player in Africa’s digital transformation.
Growth, Jobs, and Diversification
Flutterwave, which has rapidly grown since its establishment 10 years ago, has been pivotal in connecting millions of Nigerians to global digital services. In his address, Flutterwave’s CEO, Olugbenga Agboola, shared the company’s significant milestones, including the facilitation of payments in Naira for global services and offering seamless payment options for Nigerians living abroad to send money back home.
Agboola told the President, “Flutterwave has created thousands of jobs and provided crucial payment infrastructure for businesses and consumers alike. We’ve built a company that isn’t just a local success story but a global player valued at over $3 billion. Our growth has been largely fueled by Nigerian ingenuity, and we are looking to further our reach with your support.”
The CEO also highlighted Flutterwave’s ambition to list on the Nigerian Stock Exchange, aiming to expand its investor base while boosting the country’s economic profile on the global stage. The company, which has over 1,000 employees, is now a leading player in Africa’s fintech industry and seeks to tap into global markets.
President Tinubu assured Agboola that his administration would support the company’s efforts, noting that the Nigerian government is working to remove any barriers to business expansion. “Nigeria is open for business, and we will do everything within our power to create a conducive environment for companies like Flutterwave to thrive and grow,” he said.
A Call for Local Digital Infrastructure Investment
In addition to commending Flutterwave’s efforts, Dr. Armstrong Ume Takang, the Managing Director of the Ministry of Finance Incorporated (MOFI), emphasized the need for stronger local infrastructure to support digital companies. Takang pointed out that while companies like Flutterwave were spending millions of dollars on hosting services abroad, there was a great opportunity to invest in local solutions like Galaxy Backbone, Nigeria’s premier hosting and cloud services provider.
“We need to build the capacity of local service providers,” Takang stated, highlighting that such infrastructure investments would not only reduce costs but also retain valuable capital within Nigeria. “It’s crucial that we begin strategically positioning Nigerian products and services like Flutterwave across the continent, not just in our homes but across Africa’s digital ecosystem.”
Nigeria’s Digital Economy – An Emerging Powerhouse
Flutterwave’s journey represents a microcosm of Nigeria’s broader ambitions to become a digital economy powerhouse. In recent years, the country has seen rapid growth in tech startups and digital services, with fintech leading the charge. President Tinubu’s administration has made it a priority to foster a business-friendly environment for tech companies by streamlining regulations and supporting innovation.
In his speech, the President reiterated the government’s commitment to supporting businesses that contribute to economic diversification and job creation. He underscored the importance of the fintech sector, which has become integral to not only Nigerian consumers but also to Africans across the globe.
As Flutterwave continues to expand its footprint across the continent and beyond, the Nigerian government is positioning itself as a partner in its growth. The fintech company’s ability to offer cross-border payment solutions and financial services to millions of users, both locally and in the diaspora, has made it an indispensable player in Nigeria’s economy.
A Bright Future for Nigerian Tech Innovators
The meeting was attended by key figures in Nigeria’s economic and technology sectors, including Dr. Inuwa Kashifu Abdullahi, the Director General/CEO of the National Information Technology Development Agency (NITDA), who has been instrumental in shaping the regulatory landscape for tech businesses.
The Nigerian government has made significant strides in fostering a favorable environment for fintech and other technology-driven sectors. With policies in place to attract investment, reduce bureaucracy, and improve digital infrastructure, President Tinubu and his ministers are determined to support the next generation of tech innovators.
As Flutterwave continues to expand and innovate, it remains clear that Nigeria’s fintech ecosystem is poised for even greater success in the coming years. For Agboola and his team, the meeting at Aso Rock serves as an important reminder that the path to success for Nigerian tech firms is paved with government backing, visionary leadership, and a clear commitment to economic growth through innovation.
“We’re not just building for Nigeria; we’re building for Africa and the world,” Agboola concluded, confident that with the continued support of the federal government, Flutterwave’s best days are yet to come.
