Nigerian Couple Launches $1.3M Fund to Train Blockchain Developers

A Nigerian couple, Adeniyi and Gloria Abiodun, have launched a $1.3 million fund to help train young Nigerians in blockchain software development. Adeniyi, a co-founder of blockchain company Mysten Labs, and his wife, Gloria, want to give young Nigerians the chance to learn how to build blockchain technology.

The fund will provide low interest loans to students who want to join the Semicolon Techpreneurship program. Each student will receive a loan of five million naira (about $3,300), which they will repay at a 12% interest rate per year. The money from repayments will be used to help more students in the future.

The loans will be managed by Meedl, a fintech company, and the funds will be donated to the Inurere Foundation. This initiative aims to make it easier for Nigerian students to learn important skills like smart contract development and blockchain programming.

Africa is far behind the rest of the world when it comes to blockchain talent. According to research, only 6% of blockchain developers are in Africa, while Europe and Asia have about 31% and 32%, respectively. Because of this, innovation in Africa is slower, and many tech companies struggle to find skilled blockchain developers.

Many African blockchain companies lose their best talent to big international companies that offer higher salaries. This means that local companies have to spend a lot of time and money training new talent, only to see them leave for better-paying jobs elsewhere.

The fund created by the Abioduns could help change this by supporting more Nigerian students to enter the blockchain industry. With more trained professionals, Africa can begin to compete on a global scale and create more homegrown blockchain solutions.

Adeniyi Abiodun believes this initiative is crucial for Africa’s future in technology.

“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,” he said.