AfDB, IsDB, BoI back funding scheme for Nigeria’s digital, creative sectors

Nigeria’s Vice President, Prof. Yemi Osinbajo; the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina and other partners will unveil the Investment in Digital and Creative Enterprises (i-DICE) Programme in Abuja today.

The initiative, which is aimed at attracting critical funding to Nigeria’s digital and creative industries, is co-financed by AfDB, the Islamic Development Bank and Agence Française de Development with the Bank of Industry (BoI) providing counterpart funding.

AfDB, in a statement, said the launch would mark the rollout of a flagship initiative that would drive vital funding for Nigeria’s digital and creative industries.

In addition to the leaders of government, corporations and development finance institutions, investors, students and other young people working in the digital technology and creative sectors will attend the event.

AfDB described i-DICE as a major action plan towards significantly upscaling entrepreneurship and innovation in digital technology and creative industries, including film, fashion and music.

The programme is part of The Federal Government of Nigeria’s efforts to build a better, greener and more inclusive economy, while creating sustainable jobs for the youth population.

It is meant to consolidate the country’s position as Africa’s leading start-up investment destination and youth entrepreneurship hub. The Federal Government of Nigeria is providing counterpart finance through BoI, which also serves as the executing agency, the statement said.

A steering committee chaired by the Vice President’s Office, it added, would oversee the initiative in cooperation with a technical committee made up of business leaders as well as ministries, departments and agencies (MDAs).