EKO HOT BLOG reports that Nigeria’s Vice President, Yemi Osinbajo, has launched a $600 million empowerment programme aimed at improving the growth of innovation in Africa by supporting young Nigerians in the technology and creative sectors.
The Investment in Digital and Creative Enterprises (i-DICE) programme, which is supported by funding from the African Development Bank ($170 million), the Islamic Development Bank ($70 million), the Agence Française de Développement ($116 million) and a federal government of Nigeria counterpart contribution of $45 million through the Bank of Industry loans for qualifying start-ups, will address constraints such as access to capital and capacity limitation of startups.
The programme is meant for young Nigerians between the ages of 15 and 35 who are entrepreneurs and involved in the early stages of creative, innovative, and technology-enabled ventures.
Speaking at the presidential launch of the i-DICE programme, Osinbajo stated that the new initiative would coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent.
According to Osinbajo, the i-DICE programme is not just about job creation but is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries, especially targeted at job creation.
The VP observed that the launch of the programme was a significant milestone by the Nigerian government in its continued efforts to support and empower young people, particularly those involved in the technology and creative sectors.
He highlighted that Nigeria has a vibrant and dynamic youth population, which has the potential to drive innovation and economic growth in the country.
The i-DICE programme is expected to provide critical funding and technical support to startups in Nigeria, which will help them to scale and expand their businesses. It will also help to address some of the key challenges faced by entrepreneurs in Nigeria, such as limited access to funding, lack of technical expertise and infrastructure, and regulatory barriers.
The support of international partners such as the African Development Bank, the Islamic Development Bank, and the Agence Française de Développement is a significant boost for the i-DICE programme. It will not only help to provide additional funding but also provide access to global networks and expertise, which will be invaluable in helping Nigerian startups to compete on a global stage.
Overall, the i-DICE programme is an important step towards promoting innovation and entrepreneurship in Nigeria, and it has the potential to unlock significant economic and social benefits for the country.
By supporting young Nigerians in the technology and creative sectors, the programme will help to create jobs, drive economic growth, and position Nigeria as a leading hub for innovation and entrepreneurship in Africa.
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