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Nigeria Unveils $618m Investment to Create Digital Skills, Jobs

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Nigeria has unveiled a $618 million investment programme, to promote innovation and entrepreneurship in the digital, technology and creative industries targeted at job creation.

Nigeria vice president, Prof. Yemi Osinbajo, who presided over the launch of the Investment in Digital and Creative Enterprises (I-DICE) programme, revealed the project culminated from his conversation with Dr. Akinwunmi Adesina, president of African Development Bank (AfDB), in South Africa five years ago.

Osinbajo said: “What you may not have been told is the incredible effort that Dr. Akinwunmi Adesina, President of AfDB put into this to make it happen. The thinking came from a discussion he and I had in 2018 on how to leverage technology and industry for jobs for young people. He told me at the time that the AfDB was already thinking along the lines of committing some funding to some iteration of the idea.”

Fast-forward to Tuesday, the i-DICE programme was unveiled, aimed at upscaling entrepreneurship and innovation in digital technologies and creative industries.

“The fruit of that discussion and the hard work of many is what we witness here today. The fund as we were told is $618 million, out of which the AfDB provides $170 million, the Agence Française de Développement provides $100 million and the Islamic Development Bank will provide $70 million in co-financing,” said Osinbajo.

“The Bank of Industry, representing the federal government, will provide $45 million as a counterpart contribution, to be availed through loans for qualifying start-ups. And as we heard from the President of AfDB, we expect, by leveraging this fund, another maybe $271 million from the private sector and institutional investors.”

The I-DICE programme is anticipated to help to fill critical gaps in Nigeria by supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure, as well as access to finance.

Turning point

Adesina said the I-DICE programme is set to be ‘a real game changer’ in Nigeria.

“It will help to create 6.1 million direct and indirect jobs and equip more than 175 000 young people with the technology and creative skills needed to drive innovation and foster entrepreneurship.

“To start with, I-DICE will support 451 digital technology start-ups, 226 creative enterprises and 75 enterprise support organisations. The benefits of the programme to Nigeria’s economy are projected to be worth $6.4 billion,” he said.

“Yes, we gather to launch the initiative, but what we are really launching is more than this. We are launching hope for the youth. We are launching platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are launching the creation of millions of jobs.

“We are retooling Nigeria to be more competitive in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth.”

Adesina said the size of Africa’s digital economy will rise from $115 billion today to $712 billion by 2050, hence the need to prepare young people.

“Most of this growth is already being driven by four countries, Nigeria, South Africa, Kenya, and Egypt,” he said.

“We are already witnessing in Nigeria the power of digital technologies, tools and platforms. Nigeria currently has five out of the 11 digital companies that have reached the status of unicorn, with a market valuation exceeding $1 billion. Names that come to mind include Jumia, Interswitch, Opay, Flutterwave and Andela, mainly in the fintech space.”

Further, Adesina said the AfDB is ‘making great strides’ in empowering youth on the continent.

From 2016 to 2021, he said, the ADB supported the creation of over 12 million jobs, 3.1 million of which were direct and nine million indirect.

He explained: “This has been made possible through our high employment impact operations and special initiatives in key sectors such as agriculture, infrastructure, energy, and financial sectors, as well as in the digital and creative industries.

“Additionally, the Bank’s Coding for Employment programme has provided onsite centres and digital training platforms that have equipped 23 200 youth from 45 countries with the skills needed to succeed in the digital job market.

“We have invested $2 billion in 37 tech projects to improve national and regional broadband infrastructure, foster private investment, and support digital enterprises.”

Looking ahead, Adesina said: “The African Development Bank is currently designing and will soon roll out youth entrepreneurship investment banks, new financial institutions that will build robust financial ecosystems around the businesses of young people across Africa.”

 


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Adeleke Describes Adenuga’s Contribution to African Economy as Unquantifiable

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Senator Ademola Adeleke, the Osun State Governor, has described the Chairman of Globacom, Dr. Mike Adenuga, Jr., as an icon who has made enormous contributions to the development of Nigeria and Africa.

Speaking when he received the Public Sector team from Globacom in his office at Osogbo recently, the governor also commended the positive impact the company has made in the telecoms industry in terms of innovation and pricing.

He described Dr Adenuga as a great believer in Nigeria “whose impact on the Nigerian and the African economy cannot be quantified”.

Adeleke assured the Globacom team led by Niyi Odejobi of his government’s readiness to explore areas of business partnership with the company. “Be rest assured that this partnership is already a reality. We just need to work out the details”, Senator Adeleke noted.

He urged telecommunications companies to strengthen ties with the state government, adding that “the subnational entities are where your market is. Even though the regulatory body is national, your market base remains the states and the local governments. You must deliberately prioritize partnership with the state government.

“The telecom community must understand that giving full support to the states in terms of payment of right taxes and corporate social responsibility is an investment in your market. The more robust the state governments are, the more buoyant your market will be,” the governor said.

In his own remarks, Odejobi pledged Globacom’s support for the growth and development of Osun State, adding that it would deploy various internet and digital infrastructure to promote governance and businesses in the state.


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Foodstuff Store introduces Innovative Recycling Program

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Foodstuff Store, an AgriTech company on Wednesday announced the introduction of its innovative recycling program. The expansion of the corporate mission to include waste management and recycling solutions underlines the company’s commitment to sustainability and environmental responsibility.

Foodstuff Store is providing a way by which their customers who are provided with wholesome and fresh food products directly from farmers can now dispose of their plastic wastes as an added service, thereby reducing their ecological footprint.

For every waste item delivered for recycling by customers, they’ll receive a credit that can be used for a next purchase at the Foodstuff Store.

Not only will this ensure a contribution to a cleaner environment, but it will also provide a way to incentivise their efforts towards adopting sustainability practices.

“We are thrilled to offer our customers a convenient way to recycle and contribute to a cleaner Nigeria and a cleaner planet,” says Diana Tenabe, Chief Operating Officer at Foodstuff Store. “By offering rewards for recycling, we hope to incentivize eco-conscious behavior within our communities in Nigeria.”

Nigeria faces a significant challenge with plastic pollution. The prevalence of single-use plastics, which is caused by widespread use of sachet water pouches, plastic shopping bags, and take-away containers, leads to massive waste generation. There are also recycling capacity challenges in Nigeria, where only a small percentage of plastic waste gets recycled.

Additionally, indiscriminate disposal of plastics and other waste materials contributes to overflowing landfills with plastics, clogged drainages that lead to flooding, and harming marine life.

Foodstuff Store believes that by working together with its customers, it can create a positive impact on the environment. This new program allows customers to enjoy the quality products and services they expect from Foodstuff Store, while also contributing to a more sustainable future.


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Edenlife Opens the first Homemade Outlet Store in Oniru, to open 49 more Across the Country 

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Homemade by Eden, the food retail business of Nigerian home concierge startup, Edenlife has marked a significant step towards National expansion with the launch of its first Outlet store in Oniru, Lagos State. This move signals the company’s commitment to bringing its signature homemade meals directly to consumers across the country.

Commenting on the launch of the Oniru Outlet, Nadayar Enegesi, CEO of Edenliife stated, ‘’At Eden Life, it’s in our DNA to adapt and meet the evolving needs of our consumers.

The new outlet store by Homemade exemplifies this commitment. These outlet stores will deliver delicious, home-cooked meals to its customers and create job opportunities in logistics and tech support, driving local economic growth.

By sourcing fresh ingredients from smaller Nigerian farms, we strengthen the agricultural sector and ensure a reliable supply chain. And there’s more to come we have plans to launch mobile kitchens in other strategic locations across the nation.

It’s a win-win situation – our customers enjoy a taste of home, we create jobs, empower local businesses, and contribute to a stronger Nigerian economy.’’

The establishment of these outlet stores translates to new job opportunities in logistics and potentially tech support for the mobile units. Additionally, the focus on fresh, local ingredients could encourage partnerships with smaller Nigerian farms, strengthening the agricultural sector and supporting local food production.

This localized approach to food delivery keeps money circulating within communities and fosters a more sustainable economic ecosystem.

Speaking at the launch event on Friday, May 10, 2024, Orafiri Adoki, Business Lead of Homemade stated that some of Nigeria’s food culture has not been fully explored.

She stated, “Nigeria has such a rich culture around food, which has not been explored to its maximum. So, with the launch of the Homemade outlet, we hope to introduce some of the meals Nigerians are used to at home while providing creative and innovative ways to enjoy these meals,” .

As Nigeria’s e-commerce sector continues to evolve, Eden Life’s innovative approach positions the company as a frontrunner in driving industry growth and reshaping consumer expectations. By providing a seamless omnichannel shopping experience, Edenliife not only captures market share but also cultivates meaningful connections with Nigerian consumers.

Nigeria’s e-commerce industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population. The e-commerce market in Nigeria is estimated to be around USD 8.53 billion in 2024.

It is expected to grow at a compound annual growth rate (CAGR) of 11.82% during the forecast period (2024-2029), reaching approximately USD 14.92 billion by 2029. E-commerce is expected to continue its strong growth trajectory in Nigeria, presenting immense potential for e-commerce platforms like Edenlife to capitalize on the rising demand for convenient and affordable food options.


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