The African Development Bank (AfDB) has solidified an agreement to designate a substantial $618 million investment to Nigeria through the Implementation in Digital and Creative Enterprise (i-DICE) initiative.
This momentous allocation, announced by Mr. Lamin Barrow, the Country Director-General for Nigeria at the AfDB, during discussions with the News Agency of Nigeria (NAN) in Marrakesh, Morocco, signifies a significant step towards bolstering Nigeria’s digital and creative landscape.
The initiative, initially launched on March 14, presents a $618 million technology fund aimed at empowering young investors under the iDICE program, a brainchild of former Vice President Yemi Osinbajo.
The primary focus of this fund is to provide essential support to investors contending with financial hurdles in Nigeria’s burgeoning technology and creative sectors.
This funding endeavor is a collaborative effort, with the AfDB pledging $170 million, the Agence Francaise de Developpement contributing $116 million, and the Islamic Development Bank investing $70 million.
Despite facing staggered implementation due to governmental transitions in Nigeria, Barrow emphasized that progress is being made, with key committees formed and plans set in motion for fund management.
Moreover, the project has garnered not only the support of the aforementioned financial institutions but also gained the French government’s approval.
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During a recent visit to Nigeria, French Minister Catherine Colonnade pledged substantial financial support for the initiative, citing its potential to foster the establishment of 65,000 startups in the country.
Barrow further underscored the collaborative endeavor between the AfDB and the French government, highlighting the imminent conclusion of the funding and managerial recruitment processes, both integral to supporting and nurturing emerging startups.
Stay tuned for further updates as the i-DICE initiative gears up for a significant transformation in Nigeria’s digital and creative sectors.
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