AfDB’s $170 million Fund To Expand Nigeria’s Digital Industry, Grow Jobs In Creative Sector

The Africa Development Bank (AfDB) has provided $170 million to Nigeria which it says will help drive the country’s I-DICE initiative to expand the digital industry and grow jobs in the creative industries.

President of the AfDB, Akinwunmi Adesina, who disclosed this much during his acceptance speech for the award of honorary doctorate degree on him by the Federal University of Technology Minna, said the African Development Bank is preparing the youth of Africa to lead in the new digital economy.

Going down the memory lane, Adesina described his achievements as Nigerian minister of Agriculture and how he turned to the power of technology and mobile phones, to provide 15 million farmers with access to improved seeds and fertilizers and end corruption in the sector. ‘’It was revolutionary – the first, not only in Africa, but in the world. It helped Nigeria to produce a record additional 21 million metric tons of food. It boosted food security and expanded wealth for farmers, from the north east, North west, North central, Southwest, Southeast, and South-South of the country. It brought transparency and accountability in use of public funds.

‘‘It changed the lives of farmers, including Hajia Ladi Balady, a female farmer in Zamfara’s Bakalori irrigation project, who was growing just 2 ha of rice. With the technology support she received on her mobile phones, Hadia Ladi Balady boosted her production, went to Mecca, and supported 23 orphans. My wife, Grace is here today, and even she calls Hadiya Ladi Baladi the “Minister’s second wife.”

Adesina also referred to success being recorded in Nigeria’s Fintech sector as entrepreneurs currently use tech to deliver digital payment systems. He specifically noted that  three of Nigeria’s fintech (Intersswitch, Pay Pal and Flutterwave)  have reached  the $1 billion mark.

‘’Fintechs in Africa.’’ He said, ‘’raised $1.4 billion in 2019, three times what was raised in 2018, and in 2021 they raised about $5 billion.
‘’Tech now allows e-health delivery services. At the touch of the button, doctors, pharmacists, and technicians, all connected, deliver real time medical care.

‘‘Tech now allows for enhanced security systems, from military reconnaissance and intelligence. Satellite imagery and remote sensing allow us to track effects of climate change. Artificial intelligence systems power driver-less tractors and harvesters for farmers.’’

According to Adesina, ‘‘Drones now deliver blood for transfusion in remote locations, saving time and lives. Cognitive robots now power industrial manufacturing. In the very near future, due to machine learning and artificial intelligence, your colleagues in the office or industry will not be just Musa, Emeka, Yetunde or Ada, but Yekini Jones or Bobo — the robots. They will even wear caps or head ties. Through facial recognition, Yekini and Bobo the robots will greet you every morning, saying “Hello Musa, Emeka, Yetunde, and Ada. And you will say, “Hello Yekini, Hello Bobo. Let’s roll”!

‘‘Welcome to the world of information … processed at the speed of light. Welcome to the power of big data analytics that will transform learning in schools, enhance decision making in academia, research, in the public and private sector, banking and in every sphere of life.’Welcome to the power of technology for public transparency and for holding governments accountable.’’