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African Development Bank and partners invest $618 million in Nigeria’s digital and creative industries

WorldAfricaAfrican Development Bank and partners invest $618 million in Nigeria's digital and creative industries
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The African Development Bank and partners on Tuesday launched a new Investment in Digital and Creative Enterprises (iDICE) programme.

The initiative, with a total investment of $618 million, will attract direct investment in over 200 technology and creative start-ups and provide non-financial services to around 450 digital technology, small and medium enterprises. With the potential to generate $6.4 billion to Nigeria’s economy, iDICE is expected to create 6 million new jobs for young Nigerians.

Speaking at the launch event in the capital Abuja, Nigeria’s Vice President Yemi Osinbajo stressed the importance of a coordinated approach to innovation across Africa. “The government should provide more support for start-ups and small businesses, and make more funding available to investors,” Osinbajo said.

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The African Development Bank Group is the largest financier of iDICE, providing $170 million. The French government, through the Agence Française de Développement, will contribute €100 million ($116 million), and is expected to provide $70 million pending approval from the Islamic Development Bank’s board. The Nigerian government, through its executing agency, the Bank of Industry, will provide $45 million in matching funding. Other institutional and private sector investors are also expected to provide additional funding for the implementation of the strategic initiative.

African Development Bank President Akinwumi Adesina stressed the need to leverage the huge potential of iDICE for sustainable job creation and economic transformation. “We are repositioning 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.

The African Development Bank hopes to roll out the iDICE model to other regional member countries through the bank’s Youth Entrepreneurship Investment Bank initiative, which is designed to provide a financial and non-financial service to support start-ups run by young Africans. Will be designed to create an ecosystem. and to generate employment.

French Ambassador to Nigeria, Emmanuel Blatman, said digital technology and creative industries have immense potential to create jobs and drive economic growth in Nigeria. “The IDICE program … is designed to support the young entrepreneurs and innovators who are driving these industries forward,” he added.

Through iDICE, approximately 175,000 young people, including university students, will have direct access to technology to build creative skills, encourage innovation and help new businesses flourish. iDICE will help strengthen Nigeria’s leadership position as Africa’s pre-eminent hub for young entrepreneurs and start-up investments. In 2022, African start-ups are expected to raise $5.4 billion, with Nigerian companies receiving the largest share at $1.2 billion.

iDICE will also enhance regulatory policy frameworks such as the 2022 Start-up Act, provide access to financing through the creation of a DICE Fund, an independently managed venture capital fund; and raising over $217 million in investment capital. The fund will also provide technical resources to de-risk digital and creative companies at scale and in a sustainable manner.

Click Here To view images from iDICE launch.

To hear young people and officials discuss their expectations, click Here,

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