The African Development Bank (AfDB) has greenlit the allocation of a whopping $618 million to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE) initiative.
The initiative aims to revolutionize the technological and creative landscape of the country.
The Country Director-General for Nigeria at the AfDB, Mr Lamin Barrow, revealed in an exclusive interview with the News Agency of Nigeria (NAN) in Marrakesh, Morocco, on Sunday, that the Nigerian government is in the process of securing a fund manager for the project.
This marks a significant step forward after Nigeria launched a $618 million technology fund for young investors under the i-DICE programme on March 14.
The fund, championed by ex-Vice President Yemi Osinbajo, addresses the challenges faced by investors in Nigeria’s burgeoning technology and creative sectors.
The financing structure is robust, with the AfDB committing $170 million, the Agence Francaise de Developpement contributing $116 million, and the Islamic Development Bank injecting $70 million into the project.
The implementation timeline faced a brief pause due to the transition in Nigeria’s government.
Mr Barrow explained, “We were caught up by the transition of government, and you have to allow the new government to settle in.”
He outlined that the steering committee, chaired by the vice-president and featuring key ministries, has successfully navigated through the challenges and is poised for the project’s disbursement phase.
Collaboration with the French Government Strengthens i-DICE Initiative
Moreover, the i-DICE initiative received a significant boost with the French government’s approval and financial commitment, amounting to millions of dollars. Catherine Colonnade, the French Minister, who visited Nigeria last week, expressed unwavering support for the program, envisioning its potential to spawn 65,000 startups in the country.
Barrow affirmed the collaboration, stating, “Last week, the French minister that visited Nigeria signed the agreement for the co-financing, as DICE is being co-financed by the French Development Agency and the Islamic Development Bank. All the processes are now virtually completed.”
He emphasized the imminent disbursement of funds, underscoring that the project’s independence will be maintained through the appointment of a fund manager.
The selected manager will not only oversee the fund but also actively contribute to its growth by supporting startups.
As the wheels of progress turn, the i-DICE initiative stands poised to catalyze a transformative wave in Nigeria’s digital and creative landscape, fostering innovation and economic growth.
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