AfDB mulls $500m initiative to boost youth-led digital industry in Nigeria
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The African Development Bank (AfDB) is working towards actualising a $500m digital entrepreneurship establishment tagged, ‘Digital Nigeria’, designed to develop Nigeria’s digital competitiveness and build on the commendable and innovative entrepreneurship accomplishments of Nigerian youths.
Akinwumi Adesina, president of the multilateral development finance institution, made the disclosure while delivering a keynote address at the convocation ceremony of the American University of Nigeria in Yola.
According to Adesina, the unique creativity of Nigerian youths keep springing and one of the prominent examples of this can be seen at the Yabacon Valley in Lagos, majorly headed by Nigerian youths which has emerged as a leading digital technology hub in Africa with 400 to 700 start-ups that are worth over $2 billion.
Dwelling on Nigeria’s huge potential to attract global digital commerce and financial services bolstered by the entrepreneurial successes among young Nigerians, he noted that Andela, a global technology start-up based in Yabacon Valley recently attracted $24 million funding from Mark Zuckerberg, Facebook co-founder/chief executive officer. He also recalled that Stripe, a Silicon Valley firm made a $200 million investment in Paystack, a local payments company, and $400 million into three Fintech companies in 2019.
The AfDB president called on the government to provide a more sustainable and convenient business environment to encourage participation of more Nigerian youths in innovative
“From the East to the West, from the North to the South, there must be a transformative change in economic, financial and business opportunities for young Nigerians,” he added.