Economy
Nigeria to Begin $617.7m i-DICE Implementation Across States, FCT
By Adedapo Adesanya
Nigeria is set to begin the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme across the 36 states and the Federal Capital Territory (FCT) following resolutions reached at the 140th meeting of the council held virtually on Thursday and chaired by Vice President Kashim Shettima.
Speaking during the meeting, the Vice President declared the firm resolve of President Bola Tinubu’s administration to leave a legacy of prosperity and opportunity for all Nigerians.
He told state governors to nominate persons to represent each geo-political zone at the zonal level and focal persons to lead the implementation of the programme in their respective states.
He assured that, as the scheme becomes operational in the coming weeks, implementation across the country would be diligent and forthright.
Mr Shettima assured that the administration would not rest on its oars until the citizens begin to bask in the opportunities they were promised, noting that it is the reason why the government is prioritising skill acquisition and job creation.
He specifically noted that prioritising whatever offers Nigerians a means to earn a living with dignity was part of President Tinubu’s eight-point agenda.
“But two things are clear: we won’t ever regret paving the way for the acquisition of skills that meet the needs of the global markets.
“Secondly, our actions today will shape the economic landscape of tomorrow, and so it’s incumbent upon us to ensure that we leave a legacy of prosperity and opportunity for all Nigerians.
“When we empower entrepreneurs and small business owners, we unlock the potential for innovation, job creation, and economic growth.
“By providing access to financing, training, and mentorship programs, we unleash the entrepreneurial spirit that lies within every Nigerian, catalysing a wave of economic prosperity that benefits us all.
“We cannot achieve these without inclusivity and equitable access to opportunities. This is the ladder we must offer to every disadvantaged citizen,” he said.
Mr Shettima also noted that the government had moved beyond mere deliberations to the implementation phase.
“My confidence in our ability to fix our nation stems from the unity of purpose this Council has demonstrated. We have rejected binary thinking, resisted divisions, and relegated self-interest in favour of a shared vision for progress,” he said.
He implored the governors and other council members to remain constant in executing initiatives that will help to take the citizens out of their present condition.
“This is a delicate period to occupy offices like ours. We cannot remind ourselves enough that we have come at a time that tests the depth of our leadership and demands our most rational wisdom to make a difference.
“Your Excellencies, distinguished ladies and gentlemen, we must remain consistent in implementing the initiatives that alleviate the suffering of our citizens and be accountable in doing so. We must also ensure that interventions we deploy are non-discriminatory and favour all stakeholders, with no part of our communities or nation left lagging,” he stated.
In his presentation on the i-DICE programme, the Executive Director in charge of SMEs at the Bank of Industry (BoI), Mr Shekarau Omar said the i-DICE programme aims to deliver on the promise by the Tinubu administration to create millions of jobs in the technology space.
He explained that the programme is in support of the government’s agenda to create more sustainable jobs, diversify the economy and equip digital and creative incubation hubs/innovation centres across the country.
He listed the African Development Bank (AfDB), the French Development Agency (AFD) and the Islamic Development Bank (IsDB) among organisations that would fund the programme with the AfDB providing $170 million; IsDB, $70 million; AFD, $116 million; as well as Bank of Industry (BoI) on behalf of Federal Government of Nigeria.
Other sources are $45.50 million; Fund Manager (For Equity Fund only), $8.70 million, and private investors, $205 million.
On the impact of the programme, Mr Omar said 1,269,757 youths would be trained and certified in ICT skills, with at least 25,000 youths trained in each state and the FCT.
He noted that, at least, 100,000 jobs will be created per state while about 5,581,231 indirect jobs will be created through i-DICE interventions nationwide.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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