The President of African Development Bank (AfDB) Dr. Akinwunmi Adesina said the bank plans to create 25 million new jobs by 2025.
Dr. Adesina made this known in the lecture he delivered on ‘Social Media, National Security and Social Change: Bridging the Gap for Development in Africa’ in Lagos which was contained in a statement issued by the bank on Friday in Abuja.
According to the statement, Adesina emphasized that Nigeria has great potential to attract global digital commerce and financial services.
He also revealed that the bank was investing heavily in quality infrastructure to transform the country’s technological revolution.
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 program 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 program 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, signals the enormous potential that Nigeria has for attracting global digital commerce and financial services.”
While pointing out the need for Nigerians to have reliable and affordable internet access, Dr. Adesina said that access would expand digital financial inclusion.
