The federal government via the Bank of Industry (BOI) and in partnership with the African Development Bank (AfDB), the French Development Agency (AFD) and the Islamic Development Bank (IsDB) has launched a $618m funding initiative titled Investment in Digital and Creative Enterprises (I-DICE).
The fund is targeted at promoting entrepreneurship and innovation amongst young people in the creative and digital technology industries. It will be channeled towards providing training, mentorship and funding to youths in both industries, with the BOI as the implementing agency that will coordinate the day-to-day activities of the project.
Speaking at the initiative’s launch Vice President, Yemi Osinbajo said the time has come for Africa to take a coordinated approach towards innovation, scaling up investments on innovation, and creating the enabling environment as well as talent pipelines that will support the growth of innovation in the continent.
Pleased with the AfDB’s contribution to the initiative, AfDB President, Akinwunmi Adesina noted that it will generate million of jobs for Nigeria’s youth. “The urgency of leveraging the implementation of I-DICE sustainable job creation and economic transformation is now,” said Adesina.
On her part, the Ambassador of France to Nigeria and ECOWAS, Emmanuelle Blatmann highlighting the great potential of both sectors to create jobs and spur the nation’s economy said the funding is targeted at supporting the young entrepreneurs and innovators who are moving the industry forward.
Besides the funding of young entrepreneurs and innovators in the industries, I-DICE will also finance start-ups in the creative and digital technology industries, thereby help create sustainable employment opportunities while contributing to the development of Nigeria’s economy.
Although a part of the initiative’s funding is expected to come from the private sector and institutional investors, the rest is generated through the pooling of resources from the four agencies. The AfDB providing – $170m, AFD – €100 euros ($116m), IsDB – $70m, and the BOI – $45m.
