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New digital, creative initiative to lift Nigeria’s economy with $6.4b

By Sulaimon Salau
19 March 2023   |   3:16 am
The initiative, with investments totalling $618m, will attract direct investments in more than 200 technology and creative start-ups and provide non-financial services to about 450 digital technology, small and medium enterprises.

Dr. Akinwumi Adesina

The initiative, with investments totalling $618m, will attract direct investments in more than 200 technology and creative start-ups and provide non-financial services to about 450 digital technology, small and medium enterprises.

The African Development Bank Group is the largest funder of iDICE, providing $170m.

The French government, through the Agence Française de Développement, will contribute €100m ($116m), and the Islamic Development Bank pending approval from its board is expected to provide $70m.

The Nigerian government, through its executing agency, the Bank of Industry, will provide $45m in counterpart funding. Other institutional and private sector investors are also expected to provide additional funding for the implementation of the strategic initiative.

Commenting on the project, Vice-President Yemi Osinbajo emphasised the importance of a coordinated approach to innovation across Africa.

“The government must provide more support for start-ups and small businesses, and investors must provide more funding,” Osinbajo said.

The President of, African Development Bank, Akinwumi Adesina stressed the need to leverage the huge potential of iDICE for sustainable job creation and economic transformation.

“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,” he said.

The African Development Bank expects the iDICE model to be rolled out in other regional member countries through the bank’s Youth Entrepreneurship Investment Bank initiative, which will be designed to create a financial and non-financial services ecosystem to support start-ups run by young Africans and to create jobs.

French Ambassador to Nigeria, Emmanuelle Blatmann, said the digital technology and creative industries had enormous potential to create jobs and spur economic growth in Nigeria.

“The iDICE programme is designed to support young entrepreneurs and innovators who are driving these industries forward,” she said.

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