AfDB and others invest $618m in Nigeria's digital agenda
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The African Development Bank, the Islamic Development Bank and the French Development Agency are investing $618 million in digital programs in Nigeria.
The program, dubbed the Digital and Creative Enterprises Program in Nigeria, will support the creation of 225 creative start-ups and create 6.1 million jobs.
AfDB President Akinwumi Adesina revealed this on Thursday at the Nigeria International Economic Partnership Forum on the sidelines of the 77th United Nations General Assembly in New York, US.
A copy of Adesina's speech, made available to our correspondent, also revealed that the digital program will add $6.4 billion to the economy.
In his speech, Adesina wooed world leaders on investing in Nigeria by highlighting some thriving industries in the country including Nollywood and fintechs.
Adesina said, "Nollywood, Nigeria's film industry, today is estimated at $7.2 billion and has become the second largest film industry in the world, after Hollywood. Investors should recognize this and invest.
"That is why the African Development Bank, in collaboration with the Islamic Development Bank and the French Development Agency, are investing $618 million in the Digital and Creative Enterprises Program in Nigeria.
“The program will support the creation of 225 creative start-ups and 451 small and medium digital enterprises. They will create 6.1 million jobs and add $6.4 billion to the economy.
"This is the power of international partnerships serving Nigeria. The future is not just digital; the future will be driven by the digital revolution.
"According to McKinsey estimates, the number of tech startups in Africa has tripled to 5,200 companies, half of which are fintech companies.
“Today, Nigeria is home to 5 of Africa's seven unicorns and has raised almost $1.4 billion out 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.
“Nigeria today holds impressive investments that are world benchmarks. The new $19 billion Dangote petrochemical and fertilizer complex (the largest ammonia plant in the world) in the exchange, along with a new deep-sea port, is exactly the kind of massive infrastructural and industrial manufacturing that is needed to make Nigeria a regional and global player in the gasoline, diesel and aviation fuel value chains, and fertilizers.
"Yes, Nigeria has several challenges to overcome, but Nigeria remains an attractive investment destination."
Please share this story:
The African Development Bank, the Islamic Development Bank and the French Development Agency are investing $618 million in digital programs in Nigeria.
The program, dubbed the Digital and Creative Enterprises Program in Nigeria, will support the creation of 225 creative start-ups and create 6.1 million jobs.
AfDB President Akinwumi Adesina revealed this on Thursday at the Nigeria International Economic Partnership Forum on the sidelines of the 77th United Nations General Assembly in New York, US.
A copy of Adesina's speech, made available to our correspondent, also revealed that the digital program will add $6.4 billion to the economy.
In his speech, Adesina wooed world leaders on investing in Nigeria by highlighting some thriving industries in the country including Nollywood and fintechs.
Adesina said, "Nollywood, Nigeria's film industry, today is estimated at $7.2 billion and has become the second largest film industry in the world, after Hollywood. Investors should recognize this and invest.
"That is why the African Development Bank, in collaboration with the Islamic Development Bank and the French Development Agency, are investing $618 million in the Digital and Creative Enterprises Program in Nigeria.
“The program will support the creation of 225 creative start-ups and 451 small and medium digital enterprises. They will create 6.1 million jobs and add $6.4 billion to the economy.
"This is the power of international partnerships serving Nigeria. The future is not just digital; the future will be driven by the digital revolution.
"According to McKinsey estimates, the number of tech startups in Africa has tripled to 5,200 companies, half of which are fintech companies.
“Today, Nigeria is home to 5 of Africa's seven unicorns and has raised almost $1.4 billion out 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.
“Nigeria today holds impressive investments that are world benchmarks. The new $19 billion Dangote petrochemical and fertilizer complex (the largest ammonia plant in the world) in the exchange, along with a new deep-sea port, is exactly the kind of massive infrastructural and industrial manufacturing that is needed to make Nigeria a regional and global player in the gasoline, diesel and aviation fuel value chains, and fertilizers.
"Yes, Nigeria has several challenges to overcome, but Nigeria remains an attractive investment destination."
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