A couple, Adeniyi Abiodun and Gloria Abiodun, have established a $1.3 million endowment fund to support the training of African software engineers. This initiative aims to address the shortage of skilled tech professionals in the region’s growing tech industry.
Administered by the Inurere Foundation, the five-year fund will provide student loans to aspiring software engineers enrolled in the Techpreneurship program offered by Semicolon Africa, a Nigerian company focusing on workforce development. Participants in the program will receive training in advanced programming languages, including Move for smart contract development, and Meedl Africa, a fintech company, will assist in managing the loans.
The fund will offer loans of around ₦5 million ($3,300) with a 12% annual interest rate. Repayments from the loans will be reinvested to support new students, ensuring the program’s ongoing sustainability. Semicolon Africa, known for training over 800 software engineers through the Techpreneurship program, will help graduates secure job placements upon completion of their training.
According to Ashley Immanuel, COO of Semicolon, the fund’s structure allows for scalability and can attract additional funding sources to provide affordable interest rates for student loans. The initiative aims to mitigate the talent gap in blockchain engineering in Africa, which poses a challenge to the region’s startup ecosystem growth.
Adeniyi Abiodun, who co-founded Mysten Labs, expressed personal fulfillment in supporting Nigerian students and encouraging more individuals to learn programming languages essential for the tech industry. With the increasing demand for skilled tech talent in Africa, initiatives like this fund play a crucial role in preparing African students to contribute significantly to the global tech workforce.
Sam Immanuel, CEO of Semicolon Africa, believes that this initiative can serve as a blueprint for addressing the education financing gap and hopes that more entities will follow suit in investing in sustainable talent development across the continent.