$618 million is invested in Nigeria's digital program by AfDB and others.

 $618 million is being invested in digital programs in Nigeria by the French Development Agency, Islamic Development Bank, and African Development Bank. The initiative, known in Nigeria as the Digital and Creative Enterprises Program, will assist in the development of 225 creative start-ups and generate 6.1 million new employment. Akinwumi Adesina, president of the African Development Bank, announced this on Thursday at the Nigeria International Economic Partnership Forum, which was held in conjunction with the 77th General Assembly of the United Nations in New York, United States. According to a copy of Adesina's speech that was provided to our correspondent, the digital program will boost the economy by $6.4 billion. Adesina wooed foreign leaders on investments in Nigeria while highlighting some of the nation's flourishing businesses, like Nollywood and fintechs, in his speech. According to Adesina, "Nollywood, Nigeria's film business, is now estimated to be worth $7.2 billion and has overtaken Hollywood as the second-largest film industry in the world. Recognizing this, investors must invest.

"For this reason, the African Development Bank is investing $618 million in Nigeria's Digital and Creative Enterprises Program along with the Islamic Development Bank and the French Development Agency. "The program will assist in the development of 451 digital technologies small and medium sized businesses and 225 creative start-ups. They will boost the economy by $6.4 billion and 6.1 million employment. "That is how well global collaborations work for Nigeria. Beyond just being digital, the future will be fueled by the digital revolution. "According to estimates by McKinsey, the number of ICT startups in Africa has tripled to 5,200 firms, with fintech firms making up half of those firms. "As of this now, Nigeria is home to five of the continent's seven unicorn companies and has raised about $1.4 billion of the $4 billion that African Fintech firms will collectively raise in 2021.

"When you think of financial services digital breakthroughs, think of Nigeria, where unicorn businesses like Flutterwave, OPay, Andela, and Interswitch, each worth at least $1 billion, hold sway. "Today, Nigeria has tremendous investments that are recognized worldwide. The recently built $19 billion Dangote petrochemical and fertilizer complex (the largest ammonia plant in the world), located in the free trade zone with a new deep seaport, is precisely the kind of massive industrial manufacturing and infrastructural development required to make Nigeria a regional and global player in the value chains for gasoline, diesel, and aviation fuel, as well as fertilizer. "Yes, Nigeria faces a number of difficulties, but Nigeria is still a desirable investment location."

#trending #invested #Nigeria