Adeniyi Abiodun, co-founder of blockchain infrastructure firm Mysten Labs, and his wife, Gloria Abiodun, have launched a $1.3 million endowment fund to train African software engineers, addressing a critical talent shortage in the region's growing tech ecosystem. The five-year fund, managed by Inurere Foundation, will offer student loans to aspiring software engineers enrolled in the Techpreneurship programme run by Semicolon Africa, a Nigerian workforce development company.

The programme will focus on teaching advanced programming languages, including Move, used for smart contract development. Meedl Africa, a fintech company, will facilitate the loans, which will be approximately ₦5 million ($3,300) at 12% annual interest. Repayments will be recycled to support new students, ensuring the programme's sustainability. Semicolon Africa, which has already trained over 800 software engineers through the Techpreneurship programme, will place graduates into jobs after completing their training.

The initiative is a response to Africa's shortage of blockchain engineering talent, which threatens to slow the growth of the region's startup ecosystem. For Abiodun, the fund is personal, having held engineering roles at JP Morgan, HSBC, Oracle, and Meta's Novi, the now-shuttered digital wallet project that allowed 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," he said.

The demand for skilled tech talent in Africa is rising as the digital economy expands, with a projection to reach $712 billion by 2050. Sam Immanuel, CEO of Semicolon Africa, believes the initiative could serve as a model to bridge the education financing gap. "We hope that more individuals—and companies—will follow in the Abioduns' footsteps and invest in funds, like this endowment, that will engender sustainable talent development across the continent," he said.

The fund's approach is innovative, as it blends 'expensive' capital with endowment funds to make loans more affordable. Ashley Immanuel, Semicolon COO, explained that "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. Nigerian financial providers are interested in student loans, but with MPR at 27.5%, their rates are too high."

The Abioduns' initiative is a significant step towards addressing the talent shortage in Africa's tech ecosystem. As the region continues to grow and develop, programmes like this will be crucial in ensuring that African students are equipped with the skills needed to contribute to the global tech workforce. With the rise of AI and blockchain, the importance of initiatives like this cannot be overstated.

In conclusion, the $1.3 million endowment fund launched by Adeniyi Abiodun and his wife, Gloria, is a vital step towards bridging the talent gap in Africa's tech ecosystem. As the region continues to grow and develop, initiatives like this will be essential in ensuring that African students are equipped with the skills needed to contribute to the global tech workforce.