The African Development Bank (AfDB) has pledged a transformative $618 million to Nigeria, marking a significant stride in fostering Digital and Creative Enterprises through the Investment in Digital and Creative Enterprise (i-DICE) initiative.
The Country Director-General for Nigeria at AfDB, Mr Lamin Barrow, revealed this monumental development in Marrakesh, Morocco, during a press briefing on Sunday.
Barrow highlighted that the Nigerian government is in the process of appointing a fund manager to oversee the execution of this innovative project.
On March 14, Nigeria inaugurated a $618 million technology fund tailored for young investors, a visionary initiative spearheaded by former Vice President Yemi Osinbajo under the iDICE programme.
This fund aims to alleviate the fundraising challenges faced by budding entrepreneurs in Nigeria’s burgeoning technology and creative sectors.
Breaking down the financial commitment, the AfDB plans to contribute an impressive $170 million, with the Agence Francaise de Developpement allocating $116 million and the Islamic Development Bank investing $70 million.
The phased implementation of the project was influenced by Nigeria’s government transition, according to Barrow.
Barrow acknowledged the impact of the government transition on the project’s timeline, emphasizing the need to allow the new government to settle in.
The steering committee, led by the vice-president and comprising key ministries, has progressed to the disbursement stage, focusing on essential procurement work such as hiring a transaction adviser and inviting expressions of interest from firms eager to manage the DICE funds.
Notably, the project gained approval from the French government, demonstrating a global commitment to Nigeria’s tech evolution.
French Minister Catherine Colonnade, during her recent visit to Nigeria, pledged substantial support, envisioning the creation of 65,000 startups in the country.
Barrow echoed this sentiment, highlighting the collaborative efforts between the AfDB and the French government in bolstering the project.
Barrow assured that significant progress has been made, with the French Development Agency and the Islamic Development Bank finalizing co-financing agreements.
The fund, soon to be independently managed, will not only drive the growth of start-ups but also receive valuable contributions from the appointed fund manager.
