AFDB Doles Out $618 Million Investment Fund To 225 Creative Start-ups

AFDB Doles Out $618 Million Investment Fund To 225 Creative Start-ups

AFDB Doles Out $618 Million Investment Fund To 225 Creative Start-ups. 

  • African tech startups had increased to 5,200 companies – McKinsey
AFDB Doles Out $618 Million Investment Fund To 225 Creative Start-ups
Unsplash | Christina Wocintechchat

By Solomon Ekanem

225 start-ups in Nigeria will be receiving the support of the African Development Bank, Islamic Development Bank, and the French Development Agency, as the sum of $618 million will be invested in their various digital programs.

The various creative start-ups that will be formed under the Digital and Creative Enterprises Program will support 451 small and medium-sized digital technologies within the Nigerian tech ecosystem and also, target the creation of 6.1 million jobs.

This was disclosed by Dr. Akinwumi Adesina, the President of the African Development Bank, AfDB during the Nigeria International Economic Partnership Forum held on the sidelines of the 77th United Nations General Assembly, UNGA in New York, United States.

Adesina also revealed that Nigeria would earn $6.4 billion from the digital programme once it eventually kicks off.
While urging global economies to look towards investing in Nigeria, Adesina drew their attention to the two biggest industries in the country at the moment, the entertainment industry where Nollywood holds sway, and the Fintechs springing up across the country.

He noted that Nollywood, Nigeria’s film industry which has become the second largest movie industry in the world, is currently estimated at $7.2 billion.

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Speaking further, Akinwumi noted that according to a report by McKinsey, African tech startups had increased to 5,200 companies.

He also added that Nigeria tech companies have attained Unicorn status as five of the seven unicorns in Africa are Nigerian-owned companies that successfully raised almost $1.4 billion of the total of $4 billion raised by Fintech companies across Africa in 2021.

Apart from investing in tech start-ups, the AfDB has invested a total sum of $4.5 billion in Nigeria. The AFDB, together with the International Fund for Agricultural Development, and the Islamic Development Bank have also supported the development of the special Agro-industrial processing zones in the country with $540 million with an aim to boost food and agribusiness value chains across the country.

Source | Pulse

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