AfDB, Islamic Bank and others invest $618m in digital programs in Nigeria
The African Development Bank (AfDB), the Islamic Development Bank (IDB) and the French Development Agency (FDA) are investing $618 million in the Digital and Creative Enterprises (I-DICE) program in Nigeria.
AfDB President Akinwumi Adesina said this at the Nigeria International Economic Partnership Forum on the sidelines of the 77th United Nations General Assembly, in New York.
Mr. Adesina said the program will support the creation of 225 creative start-ups and 451 small and medium-sized digital technology enterprises (digital SMEs).
The AfDB President added that businesses would create 6.1 million jobs and add $6.4 billion to the economy.
"This is the power of international partnerships in the service of Nigeria. Investors must recognize this and invest.
"The future is not only digital, the future will be driven by the digital revolution.
“Today, Nigeria is home to five of Africa's seven unicorns and has raised nearly $1.4 billion of the total $4 billion raised by Fintech companies across Africa in 2021.
"When you think of digital innovations in financial services, think of Nigeria, with Flutterwave, OPay, Andela and Interswitch holding the status of unicorn companies, worth at least $1 billion each."
Mr. Adesina also said the bank had invested $4.5 billion in Nigeria, adding that the country remained an attractive investment destination.
Mr. Akinwumi Adesina, Chairman of the African Development Bank, AfDB (PHOTO CREDIT: @AfricanBizMag)He added that the bank, the International Fund for Agricultural Development and the IDB had provided $540 million to develop special areas agro-industrial transformation to help unlock agricultural potential in Nigeria.,
“This funding will boost food and agri-food value chains across Nigeria and make Nigeria more competitive,” he said.
He also called for more international partnerships in Nigeria, adding that the bank had invested $44 billion in infrastructure in Africa over the past six years.
In addition, Adesina said, growth in Nigeria will depend on its ability to close its infrastructure gaps.
The African Development Bank (AfDB), the Islamic Development Bank (IDB) and the French Development Agency (FDA) are investing $618 million in the Digital and Creative Enterprises (I-DICE) program in Nigeria.
AfDB President Akinwumi Adesina said this at the Nigeria International Economic Partnership Forum on the sidelines of the 77th United Nations General Assembly, in New York.
Mr. Adesina said the program will support the creation of 225 creative start-ups and 451 small and medium-sized digital technology enterprises (digital SMEs).
The AfDB President added that businesses would create 6.1 million jobs and add $6.4 billion to the economy.
"This is the power of international partnerships in the service of Nigeria. Investors must recognize this and invest.
"The future is not only digital, the future will be driven by the digital revolution.
“Today, Nigeria is home to five of Africa's seven unicorns and has raised nearly $1.4 billion of the total $4 billion raised by Fintech companies across Africa in 2021.
"When you think of digital innovations in financial services, think of Nigeria, with Flutterwave, OPay, Andela and Interswitch holding the status of unicorn companies, worth at least $1 billion each."
Mr. Adesina also said the bank had invested $4.5 billion in Nigeria, adding that the country remained an attractive investment destination.
Mr. Akinwumi Adesina, Chairman of the African Development Bank, AfDB (PHOTO CREDIT: @AfricanBizMag)He added that the bank, the International Fund for Agricultural Development and the IDB had provided $540 million to develop special areas agro-industrial transformation to help unlock agricultural potential in Nigeria.,
“This funding will boost food and agri-food value chains across Nigeria and make Nigeria more competitive,” he said.
He also called for more international partnerships in Nigeria, adding that the bank had invested $44 billion in infrastructure in Africa over the past six years.
In addition, Adesina said, growth in Nigeria will depend on its ability to close its infrastructure gaps.
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