Nigeria Launches Investment in Digital and Creative Enterprises Programme (i-DICE)

March 14, 2023
i-DICE Investment in Digital and Creative Enterprises

By Adedapo Adesanya

Vice President Mr Yemi Osinbajo, the President of the African Development Bank (AfDB), Mr Akinwumi Adesina, and some other partners have launched the Investment in Digital and Creative Enterprises (i-DICE) Programme.

The launch, which took place on Tuesday, marked the rollout of a flagship initiative that will drive vital funding for Nigeria’s digital and creative industries.

i-DICE is a major step toward significantly upscaling entrepreneurship and innovation in digital technology and creative industries, which include film, fashion, and music.

The programme is part of the federal government of Nigeria’s efforts to build back better, climate friendlier, bring more inclusivity, and create sustainable jobs for its surging youth population amid a 33.3 per cent unemployment rate.

The initiative is expected to create 6 million jobs, especially for the young creatives in Nigeria.

It will also consolidate the country’s position as Africa’s leading start-up investment destination and youth entrepreneurship hub.

Recall that President Muhammadu Buhari last year signed the Startup Act 2022 to give businesses an edge.

i-DICE is co-financed by the African Development Bank (AfDB), the Islamic Development Bank (ISDB) and Agence Française de Développement (AFD).

The federal government of Nigeria provides counterpart finance through the Bank of Industry (BOI), which also serves as the executing agency.

A steering committee chaired by the vice president’s office will oversee the initiative in cooperation with a technical committee made up of business leaders, and government ministries, departments, and agencies.

The DICE Fund, a venture capital outfit to be created under the program, will draw additional funding from institutional and other private investors.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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