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AfDB Collaborate Partners To Provide 6m Jobs For Youths

by Kingsley Okoh
9 months ago
in News
Reading Time: 2 mins read
Afdb
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The African Development Bank (AfDB), in collaboration with other partners, has launched the Investment in Digital and Creative Enterprises (iDICE) programme aimed at creating six million jobs for Nigeria’s burgeoning youth population in the digital and creative industry.

In his address during the launch of the programme, AfDB president, Dr. Akinwunmi Adesina, highlighted the young population as Nigeria’s demographic advantage, noting that, this is not a conundrum that needs to be regulated but an opportunity that needs to be utilised.

“With over 70 per cent of Nigeria’s population under the age of 30, Nigeria has one of the greatest assets in the world. Some would call this a challenge to be managed. I call it an opportunity to be unleashed. It’s time to do things differently.

“Yes, we gather to launch the initiative, but what we are really launching is more than this initiative. We are launching hope for the youth. We are launching platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are launching the creation of millions of jobs. 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 added.

The iDICE programme has received significant funding, including $170 million from the African Development Bank, $116 million from the French government through Agence Française de Dévelopement, $70 million from the Islamic Development Bank (pending board approval), and $45 million from the Nigerian government through the Bank of Industry (BoI).

programme is also expected to attract additional funding from institutions and private sectors.

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According to Dr. Adesina, the creative industry in Nigeria is still largely underutilised, despite its potential to generate revenue for the economy and create jobs. The iDICE programme aims to address this by providing tools, resources, and finances to support the growth of the sector.

The creative industry in Africa generated over $14 billion in revenue annually between 2015 and 2018 and is projected to help create close to 3 million jobs by 2025.

Nigeria has yet to fully tap into and unleash the power of its creative industry which still needs efforts to promote content creators, supportive infrastructure, and access to financing for the film, media, fashion, visual arts, tourism, hospitality, and entertainment industries.

“The I-DICE programme will help to fill some of these critical gaps by supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure, as well as expanding access to finance,” Adesina stressed.

At its initial stage, the programme is set to support 451 digital technology start-ups, 226 creative enterprises, and 75 enterprise support organisations.

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Shell Sees $6bn Oil, Gas Investment Opportunity In Nigeria Agency Reports In a move to attract capital to Africa’s top energy producer, President Bola Tinubu met with Shell’s Director of Gas and Upstream Operations, Zoe Yujnovich, on Thursday. The meeting resulted in promising developments for Nigeria’s energy sector, with Shell expressing significant investment interest. President Tinubu’s spokesperson, Ajuri Ngelale, announced in a statement that Shell has identified a potential $5 billion investment opportunity in the offshore Bonga North oil project He added that the company also pledged to invest an additional $1 billion over the next five to 10 years to boost natural gas production for both domestic consumption and exports. “I am really keen to make that investment as soon as possible,” Ngelale cited Yujnovich as saying. “We want to continue and build a pipeline of new investments in Nigeria.” According to Reuters, a Shell spokesperson confirmed the talks with the Nigerian president but declined to provide further details due to the private nature of the discussions. Nigeria’s oil production has been declining for years due to large-scale theft and sabotage. However, recent months have seen a rebound, primarily driven by offshore production, which is less susceptible to attacks. President Tinubu pledged to address “all investment-related issues” hindering capital investment in the Nigerian energy sector. “There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investments,” Tinubu stated. This news marks a positive development for Nigeria’s oil and gas industry. The potential $5 billion investment in the Bonga North oil project could significantly boost production and generate substantial revenue for the country. Additionally, the $1 billion investment in natural gas production will contribute to energy security and potentially unlock export opportunities.

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