To encourage entrepreneurship and the development of jobs in Africa’s largest economy, the Nigerian government has established a $672 million fund that is specifically aimed at young businesspeople in the technology and creative sectors.
Vice President Yemi Osinbajo introduced the Investing in Digital and Creative Enterprises Programme (I-DICE) initiative on Tuesday, March 14, 2023. It is intended at young Nigerians between the ages of 15 and 35 who are engaged in early-stage creative, innovative, and technology-enabled initiatives.
The business sector has committed $271 million in funding, with the government promising to contribute $45 million. The Agence Française de Développement will give $116 million, the African Development Bank $170 million, and the Islamic Development Bank $70 million.
Nigeria boasts the most startups in Africa, the most of which are in the fintech sector. It has also drawn significant funding from foreign banks and venture capital organizations.
The I-DICE program aims to create a more encouraging environment for young entrepreneurs’ growth and development by removing some of the funding barriers they now face in Nigeria’s tech and creative industries.