Adeniyi Abiodun, co-founder of blockchain infrastructure firm Mysten Labs, and his wife, Gloria Abiodun, have launched a $1.3 million endowment fund to train African software engineers.
This initiative, announced on Wednesday, aims to address the shortage of skilled tech talent in Africa’s growing tech ecosystem.
Addressing talent shortage in Africa’s tech ecosystem
The five-year fund, managed by Inurere Foundation, will offer student loans to aspiring software engineers enrolled in the Techpreneurship programme run by Semicolon Africa, a Nigerian workforce development company.
Participants will learn advanced programming languages, including Move, that are used for smart contract development. Meedl Africa, a fintech company, will facilitate the loans.
The fund will provide loans of approximately ₦5 million ($3,300) at 12 percent annual interest, with repayments recycled to support new students, ensuring the programme’s sustainability.
Semicolon Africa has already trained over 800 software engineers through the Techpreneurship programme and will place graduates into jobs after training.
As Ashley Immanuel, Semicolon COO, noted, “Funds are recycled, meaning many more learners can be trained over time. This fund, which isn’t seeking a financial return, can attract other funding sources to offer affordable interest rates”.
Read also: Tanzania’s Wingu Group expands data centre to scale cloud computing and data operations
Africa’s tech potential fuels Abioduns’ Initiative
The initiative is driven by the Abioduns’ belief in Africa’s potential and the need for quality training in fast-growing fields like AI and blockchain.
Adeniyi Abiodun emphasised, “Supporting Nigerian students while inviting more builders to learn the programming language that has defined my career is immensely rewarding. With the rise of AI and blockchain, we are committed to ensuring African students are high-level contributors to the global tech workforce”.
Sam Immanuel, CEO of Semicolon Africa, hopes this initiative will serve as a model for sustainable talent development across the continent.
He stated, “We hope that more individuals—and companies—will follow in the Abioduns’ footsteps and invest in funds, like this endowment, that will engender sustainable talent development across the continent”. The demand for skilled tech talent in Africa is rising as the digital economy expands, with projections indicating it could reach $712 billion by 2050.
The endowment fund also bridges the education financing gap, particularly in places like Nigeria, where high interest rates can be a barrier for talented students.
As Adeniyi Abiodun shared on LinkedIn, “Africa’s potential is massive. 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”.