By: Damian Okonkwo
The Federal Government of Nigeria has launched a $672 million fund aimed at supporting the countrys tech and creative sectors for young entrepreneurs. The Investment in Digital and Creative Enterprises (i-DICE) program was launched in Abuja by Vice President Yemi Osinbajo last week's Tuesday.
The initiative has been designed to address constraints such as access to capital and capacity limitation of start-ups, enabling young entrepreneurs to grow and scale up their businesses.
The African Development Bank has committed $170 million, Agence Francaise de Developpement will provide $116 million, and the Islamic Development Bank has pledged $70 million to the program, while the Bank of Industry Nigeria will release $45 million. The private sector has pledged $271 million to support the initiative.
Speaking at the launch, Vice President Osinbajo stressed the importance of innovation in driving the growth of the African continent. He called for a coordinated approach towards innovation, bringing together stakeholders to build programs that provide the right enabling environment and produce talent pipelines to support the growth of innovation on the continent.
Under i-DICE, critical pillars, including policy, infrastructure, access to finance, and talent, will be addressed to support innovation. Osinbajo commended the efforts of the development partners, noting that the programs design supports innovation across these critical pillars.
The Vice President also highlighted the efforts of the Nigerian government in supporting the growth of the tech and innovation sectors. He noted that the government has consistently provided support to the innovation ecosystem over the past eight years and established the Technology and Creativity Advisory Group in 2018. which brings together stakeholders in the technology and creative industries to contribute effectively towards policy formulation, articulation, and design of the technology and creative sectors of the Nigerian economy.
The i-DICE program is a welcome development for young Nigerian entrepreneurs in the tech and creative sectors. The fund will provide them with much-needed support to grow and scale up their businesses, creating jobs and contributing to the development of the country's economy.