FG launches $672 million i-DICE fund for young entrepreneurs in tech industry

The Nigerian government has formally launched a $672 million fund under the Investment in Digital and Creative Enterprises (i-DICE) program aimed at supporting young and innovative entrepreneurs in the technology and creative industries.

The $672 million i-DICE fund was launched in Abuja by Vice President Yemi Osinbajo.

i-DICE was set up as a means of significantly upscaling entrepreneurship and innovation in the digital technology and creative sector. The project is expected to create 849,970 new jobs (77,270 direct and 772,700 indirect), and add 77,110 new entrepreneurs to the Nigerian economy.

The i-DICE program will be co-financed by the African Development Bank, ADB in partnership with the Islamic Development Bank and Agence Française de Développement.

ADB will put in $170 million, Agence Francaise de Developpement will contribute $116 million and the Islamic Development Bank will contribute $70 million to the project.

The federal government through the Bank of Industry, BOI which is the executing agency in the country will also provide counterpart finance of $45 million while the private sector pledged $271 million.

With the launch, the Nigerian technology and creative industry have received a major boost as the funding will drive the needed development of the sector and also uplift the numerous ambitious Nigerian youth who have carved a niche for themselves in the digital technology and creative sectors.

The program reiterates the FG’s plans to strongly back the creation of a sustainable environment for the teeming youths to explore and develop their talents in the creative industry.

If achieved, the FG hopes also, to consolidate Nigeria’s position as the continent’s leading destination for youth entrepreneurship and start-up investment.

The vice president’s office will chair the steering committee which will oversee the project in partnership with a technical committee that will comprise business leaders, respective government ministries, departments, and agencies.