Adeniyi Abiodun, co-founder and Chief Product Officer of Mysten Labs, a blockchain firm, has launched a $1.3 million endowment fund with his wife Gloria to train aspiring software engineers in Nigeria. The fund is targeted at addressing the critical talent shortage in Africa’s growing tech ecosystem.
The five-year fund, managed by Inurere Foundation, will provide student loans to participants in Semicolon Africa’s Techpreneurship program, where they will learn advanced programming skills including Move, a language used for smart contract development.
“My wife, Gloria, and I are launching a $1.3 million endowment fund to help aspiring software engineers in Nigeria access the training they need to succeed. It’s a milestone we’ve dreamed of, and now it’s real,” Abiodun announced on social media.
Students will receive loans of approximately ₦5 million ($3,300) at 12% annual interest—significantly lower than Nigeria’s current rates, which can reach 35%. Loan repayments will be recycled to support new students, ensuring the program’s sustainability. Meedl Africa, a fintech company, will facilitate the loan administration.
The initiative comes at a crucial time for Nigeria’s tech sector. Reports indicate that by 2030, between 35% and 45% of jobs in Nigeria will require digital competencies, while 55% of Nigerian youth are currently either underemployed or unemployed.
“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,” Abiodun explained.
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Semicolon Africa, which has already trained over 800 software engineers, will place graduates into jobs after they complete their training. Sam Immanuel, CEO of Semicolon Africa, expressed hope that more individuals and companies would follow the Abioduns’ example, creating sustainable talent development across the continent.
The African digital economy is projected to reach $712 billion by 2050, highlighting the urgent need for skilled tech talent.
