Vice President Yemi Osinbajo called on African governments and the business sector to do more to encourage the expansion of innovation on the continent while launching a $600 million program on Tuesday for young Nigerians in the technology and creative industries.
He made the announcement at the State House Banquet Hall in Abuja’s presidential launch of the Investing in Digital and Creative Entrepreneurs (i-DICE) initiative.
The program would assist young Nigerians between the ages of 15 and 35 who are starting up businesses that are innovative, creative, and technologically enabled.
“The entire fund is $618 million,” the vice president stated, “of which the African Development Bank (AfDB) contributes $170 million, the Agence Française de Développement $116 million, and the Islamic Development Bank (IsDB)) will provide $70m in co-financing.”
He stated that in addition to the Federal Government of Nigeria’s counterpart contribution of $45 million through the Bank of Industry loans for qualified start-ups, another $271 million was anticipated from the private sector and institutional investors.
Prof. Osinbajo noted that the Nigerian government’s launch of i-DICE was an important milestone in its ongoing efforts to maximize the potential of its youth population and generate more jobs.
The project to encourage innovation and investment in digital and creative firms, which would offer new opportunities for young Nigerians, was supported by France with pride, according to Emmanuelle Blatmann, the French ambassador to Nigeria.
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The Startup Act for Nigeria, which President Muhammadu Buhari signed into law last year, would be given life, according to Hajiya Zainab Ahmed, Minister of Finance, Budget, and National Planning.
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She said that i-DICE will help young people land better-paying employment, draw in investments, give organizations access to their improved capabilities, and promote economic growth.
