Adeniyi Abiodun, co-founder of the blockchain infrastructure firm Mysten Labs, along with his wife, Gloria Abiodun, has announced the establishment of a $1.3 million endowment fund aimed at training African software engineers. This initiative seeks to address the critical shortage of tech talent in the region’s rapidly expanding technology ecosystem.
The five-year fund will be managed by the Inurere Foundation and is designed to provide student loans to aspiring software engineers who are enrolled in the Techpreneurship program offered by Semicolon Africa, a Nigerian workforce development organization. Participants in this program will gain expertise in advanced programming languages, including Move, which is specifically used for smart contract development. The fintech company Meedl Africa will facilitate the loan process.
Under this initiative, the fund will offer loans of approximately ₦5 million (around $3,300) at an annual interest rate of 12%. The repayment structure is designed to be sustainable, as repayments will be recycled to support new students entering the program. Semicolon Africa has a proven track record, having trained over 800 software engineers through its Techpreneurship program, and it is committed to placing graduates into relevant job opportunities upon completion of their training.
Ashley Immanuel, Chief Operating Officer of Semicolon, highlighted the innovative recycling of funds, stating, “Funds are recycled, meaning many more learners can be trained over time. This fund, which isn’t seeking a financial return, can attract other funding sources to offer affordable interest rates. While Nigerian financial providers are interested in student loans, the current Monetary Policy Rate (MPR) at 27.5% results in prohibitively high rates. By blending that ‘expensive’ capital with endowment funds, we can make loans more affordable for students.”
This initiative directly responds to the pressing shortage of blockchain engineering talent in Africa, a gap that poses a risk to the growth of the region’s startup ecosystem. For Abiodun, this fund holds personal significance. Prior to co-founding Mysten Labs, he held engineering positions at prominent companies such as JP Morgan, HSBC, Oracle, and Meta’s Novi, which was the now-defunct digital wallet project that enabled users to hold the Libra stablecoin.
“Supporting Nigerian students while inviting more builders to learn the programming language that has defined my career is immensely rewarding,” Abiodun expressed. “With the rise of AI and blockchain technologies, we are committed to ensuring that African students become high-level contributors to the global tech workforce.”
The demand for skilled tech talent in Africa is on the rise, driven by the expansion of the digital economy, which is projected to reach $712 billion by 2050. Sam Immanuel, CEO of Semicolon Africa, noted that this initiative could serve as a model for bridging the education financing gap in the region. “We hope that more individuals—and companies—will follow in the Abioduns’ footsteps and invest in funds like this endowment, which will foster sustainable talent development across the continent,” he stated.
