France pledges $116 million to help entrepreneurs

The French government has pledged $116 million to support Nigerian startups through the Investment in Digital and Creative Enterprises (I-DICE) initiative.

This commitment was solidified on November 3 during a signing ceremony in Abuja, with Yusuf Tuggar, the Nigerian Minister of Foreign Affairs, and Catherine Colonnade, the French Minister for Europe and Foreign Affairs, sealing the deal.

I-DICE, a Nigerian government program, focuses on fostering entrepreneurship and innovation within the digital technology and creative industry sectors. The program’s ambitious goals include the creation of 65,000 startups, 150,000 direct employment opportunities, and 1.3 million indirect jobs.

The French Development Agency (AFD) is contributing 100 million euros (approximately $116 million) to I-DICE, with additional funding partnerships from the African Development Bank (AfDB), the Islamic Development Bank (ISDB), and the Bank of Industry (BOI).

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During the agreement signing, Colonnade emphasized the transformative potential of I-DICE for Nigeria’s economy, emphasizing the importance of investing in the nation’s creative and innovative spirit. She also highlighted the alignment of the program with French government priorities, including economic growth, job creation, and youth development.

Tuggar echoed the sentiment, calling I-DICE a “game-changer” for Nigeria, with the power to drive job creation and economic prosperity.

Bosun Tijani, representing Vice President Kashim Shettima, praised France’s commitment to Nigeria’s startup growth, citing the AFD funding as evidence of this dedication.

The I-DICE program aims to train two million young individuals in digital technology and creative skills while providing vital financing opportunities for startups and small businesses in these sectors.