Adeniyi Abiodun, co-founder and CPO at Mysten Labs, announced that he and his wife, Gloria, are launching a $1.3 million endowment fund to help upskill aspiring tech talent in Nigeria. “It’s a milestone we’ve dreamed of, and now it’s real,” he wrote on X.
“By 2040, Africa is set to have half the world’s working-age population. To really unleash that power, young people need access to quality training and opportunities, especially in fast-growing fields like AI and blockchain,” he adds.
Helping young Nigerians upskill
Nigeria is currently experiencing a shortage of digital skills. A report titled Africa’s Pulse: An Analysis of Issues Shaping Africa’s Economic Future found that by 2030, between 35% and 45% of jobs in Nigeria will require digital competencies. However, Nigerians may struggle to obtain employment due to their lack of digital skills.
Another report shows, “In Nigeria, 55% of the youth population is either underemployed or unemployed, largely due to a mismatch between the job market and the skills youth are trained in.”
Additionally, Abiodun says that interest rates in Nigeria can top 35%. “That kind of burden holds back too many talented students who just need the right support to succeed,” he adds. This is why they’re collaborating with Semi Colon Africa to offer student loans to future software engineers.
Their mission is to make education financing more accessible so more Nigerian youth can expand their globally competitive tech skills.
The $1.3 million fund
The Inurere Foundation will manage the five-year fund and will provide student loans to aspiring software engineers enrolled in the Techpreneurship program run by Semicolon Africa. Students will learn advanced programming languages, including Move, which is used for innovative contract development. Meedl Africa, a fintech company, will facilitate the loans, according to TechCabal.
Students will receive loans of around ₦5 million ($3,300) at 12% annual interest, with repayments recycled to help new students and maintain the program’s sustainability.
“This fund, which isn’t seeking a financial return, can attract other funding sources to offer affordable interest rates. Nigerian financial providers are interested in student loans, but with MPR at 27.5%, their rates are too high. Blending that ‘expensive’ capital with endowment funds can make loans more affordable,” Ashley Immanuel, Semicolon COO told TechCabal.
Image: Semicolon
#blacktech #entrepreneur #tech #afrotech #womenintech #supportblackbusiness #blackexcellence #technology #blackbusiness #blacktechmatters #blackowned #blackgirlmagic #blackpreneur #startup #innovation #hbcu #techtrap #blackownedbusiness #pitchblack #autographedmemories #blacksintech #shopblack #wocintech #nba #blackwomen #repost #hbcubuzz #blackwomenintech #startupbusiness #nails
Source link
