The African Development Bank (ADB) and some partners officially launched a new Digital and Creative Enterprise Investment (iDICE) program in Nigeria, with investments totaling US$618 million.
The initiative is expected to attract direct investment in more than 200 technology and creativity startups and provide non-financial services to approximately 450 small and medium-sized digital technology companies.
With the potential to generate $6.4 billion in Nigeria's economy, iDICE is expected to create six million new jobs for young Nigerians.
At its launch in Abuja, Vice President of Nigeria, Yemi Osinbajo, emphasized the importance of a coordinated approach to innovation across Africa. “The government must provide more support for start-ups and small businesses, and investors must provide more funding,” Osinbajo said.
The AfDB Group is iDICE's biggest backer, investing US$170 million.
The French government, through the French Development Agency, is a key partner in the project and will contribute US$116 million, while the Islamic Development Bank, awaiting approval from its board, is expected to invest US$70 million.
AfDB President Akinwumi Adesina highlighted the need to leverage iDICE's enormous potential for sustainable job creation and economic transformation.
