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President Bola Tinubu has approved a $75 million direct government investment in Flutterwave, marking a significant and unprecedented move by the Nigerian state to take a financial stake in a homegrown fintech firm.
The development, disclosed in a post on X by the President’s Special Assistant on Social Media, underscores a strategic shift towards active federal backing for high-growth technology companies, particularly those driving digital payments and financial inclusion across Africa.
The investment push comes as Flutterwave accelerates plans to list on the Nigerian Exchange, with Tinubu previously pledging support for fintech companies that provide critical payment infrastructure for Nigerians and the broader African market.
During a meeting in Abuja with the company’s leadership and representatives of Alami Capital, the President reaffirmed that Nigeria is “genuinely open to business” and committed to dismantling barriers that hinder enterprise growth.
He praised Flutterwave’s role in advancing the digital economy, highlighting the contribution of young Nigerians in building globally competitive technology platforms.
Founded by Olugbenga Agboola and headquartered in Lagos, Flutterwave operates across more than 30 countries, including the United States, Canada, Kenya, Uganda, Ghana and South Africa.
The company has become a central player in Africa’s payments ecosystem, enabling seamless transactions for businesses and individuals across borders.
Agboola told the President that Flutterwave has simplified access to global services by allowing Nigerians to pay in naira, while also providing reliable remittance channels for the diaspora.
Valued at over $3 billion, the firm employs more than 1,000 Nigerians and positions itself as a leading export of Nigerian innovation.
He also confirmed the company’s intention to list on the Nigerian Exchange, seeking government support to deepen local investor participation and strengthen its domestic footprint.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described Flutterwave as a model of economic diversification, noting its impact on job creation and digital transformation over the past decade.
The delegation included Dr Armstrong Ume Takang of the Ministry of Finance Incorporated and Inuwa Kashifu Abdullahi.
Takang emphasised the need for Nigeria to strategically project its technology firms across Africa, arguing that the country must leverage its status as the continent’s largest economy to scale indigenous digital services.
He also raised concerns over the substantial foreign exchange spent monthly by firms like Flutterwave on overseas hosting, suggesting that domestic providers such as Galaxy Backbone could be strengthened to retain more value locally.
Flutterwave’s growth trajectory has been reinforced by recent milestones, including securing a Nigerian banking licence and surpassing $40 billion in lifetime payments processed, further cementing its influence in the fintech sector.
Analysts say the federal government’s decision to commit capital directly into a private fintech company represents a landmark policy direction, blending public investment with innovation-led growth.
If completed, the deal could set a precedent for future state participation in Nigeria’s technology ecosystem and bolster investor confidence as Flutterwave moves towards a public listing.
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