Wednesday, August 17

AfDB to create 25 million new jobs in 2025

The African Development Bank (AfDB) has revealed that the bank has set a target of creating 25 million new jobs by 2025.

This is as the financial institution is set to invest in Nigeria’s Digital technology and creative spaces in collaboration with other partners to help create sustainable jobs and make Nigeria global powerhouse in these industries.

According to a statement from the bank on Friday, this disclosure was made by AfDB’s President, Dr Akinwunmi Adesina, when he delivered a lecture on “Social Media, National Security and Social Change: Bridging the Gap for Development in Africa’’ in Lagos, according to NAN.

What the AfDB President is saying in the statement

The bank in the statement, said that Adesina underscored the enormous potential that Nigeria has for attracting global digital commerce and financial services.

Adesina pointed out that the bank was making heavy investments in quality infrastructure to transform the backbone of Africa’s technological revolution adding that Nigeria could be a key player in developing Africa’s technological enterprises.

He said, “To support Nigeria, the AfDB is preparing investments in the country’s Digital and Creative Enterprises (i-DICE), a 500 million dollars investment programme to be co-financed with several partners.

“i-Dice will promote entrepreneurship and innovation in the digital technology and creative spaces. It will help create sustainable jobs and make Nigeria a global powerhouse in these industries.

“This programme will boost innovation, especially in the tech-enabled business and e-commerce space, where new and successful ventures are being inaugurated in Nigeria.

Start-ups run by young Africans are already attracting millions of dollars in investment capital.

“Expensya, Gro Intelligence, Tyme Bank, and Flutterwave, to name a few, are well on their way to becoming billion-dollar companies.

“Today, Yabacon Valley has emerged as one of the leading tech hubs in Africa with between 400 and 700 active start-ups worth more than two billion dollars, second only to Cape Town.

“Andela, a global technology start-up based in Yabacon Valley, recently attracted 24 million dollars in funding from Facebook founder Mark Zuckerberg.

“Already, Nigeria is home to three unicorns – tech and tech-enabling companies with valuations exceeding one billion dollars–Paystack, Flutterwave and Interswitch.

“The 200 million dollars investment by Stripe (a Silicon Valley firm) in the local payments company Paystack, and 400 million dollars in three Fintech companies in just one week in 2019, signal the enormous potential that Nigeria has for attracting global digital commerce and financial services.’’

While pointing out the need for every Nigerian to have reliable and affordable internet access, Adesina said that access would expand digital financial inclusion.

What you should know

The AfDB has over time made substantial investments in Nigeria and other parts of the African continents to boost operations in companies in technology space in different sectors as well as create employment.