In an effort to boost funding for Nigerian innovators, the African Development Bank (AfDB), Islamic Development Bank (IsDB) and the French Development Agency (FDA) have announced plans to invest $618 million in digital and creative. Corporate Program (I-DICE) in Nigeria.
This was stated by the President of the African Development Bank, Dr. Akinwumi Adesina, at the Nigeria Forum for International Economic Partnership during the 77th session of the United Nations General Assembly in New York.
The African Development Bank added that the fund will support 225 innovative start-ups and 451 digital small and medium tech or digital small and medium companies.
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Adesina revealed that the companies will create 6.1 million jobs and add $6.4 billion worth of economic productivity to the Nigerian economy.
- This is the power of international partnerships working for Nigeria. Investors should recognize this and invest. The future isn’t just digital; The future will be driven by the digital revolution.
- Today, Nigeria has five out of the seven unicorns in Africa and raised nearly $1.4 billion out of the total $4 billion raised by fintech companies across Africa in 2021.
- “When you think of digital innovations for financial services, think of Nigeria, where Flutterwave, OPay, Andela, and Interswitch are unicorn companies, each worth at least $1 billion.” Adesina said.
The African Development Bank chief added that the bank has so far invested $4.5 billion in Nigeria, adding that the country has remained an attractive investment destination. Also, the International Fund for Agricultural Development and the Islamic Development Bank have provided $540 million to develop private agro-industrial processing zones to help unlock Nigeria’s agricultural potential to strengthen food and agro-industrial value chains across Nigeria and make Nigeria more competitive.
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Adesina noted that reducing Nigeria’s infrastructure deficit is also important, citing the National Integrated Infrastructure Master Plan, which shows that Nigeria will need a total financing of $759 billion to support infrastructure over 23 years (2020-2043).
“This includes addressing the crippling shortage of energy to run the economy, including power generation, transmission and distribution infrastructure, water and sanitation, and transportation infrastructure,” He said.
What you should know
- Nairametrics reported in July that the African Development Bank (AfDB) Group, said its portfolio for the financial sector in Nigeria is currently estimated at $1.3 billion, of which the figure represents 30% of the bank’s portfolio.