$170 million was approved by the board of directors of the African Development Bank (AfDB) to finance the programme, which targets over 68 million Nigerians between the ages of 15 and 35 years, who have been recognised as leaders of innovative, technology-enabled start-ups or leaders of micro, small and medium sized enterprises in the creative sector. The programme is currently co-financed by the Agence Française de Développement and the Islamic Development Bank.
“Governments have a much greater role than just policy making. They need to be innovative and create an enabling environment that includes infrastructure and de-risking to harness private sector investments in key growth sectors,” Akinwumi A. Adesina, the president of the African Development Bank, said.
This recent investment in i-DICE is expected support innovators and leaders through enterprise support organisations which assist, train and sometimes fund entrepreneurs. They include innovation hubs, accelerators, and private equity and venture capital firms. The initiative is also expected to further consolidate Nigeria’s position as the leading start-up investment destination across the African continent, and also as a youth entrepreneurial hub.
“This programme is among the latest series of our operations meant to bolster the implementation of the Bank’s Jobs for Youth in Africa Strategy. Given that tech-enabled enterprises cut across all the economic growth sectors, the program’s focus on the digital sector will deepen Nigeria’s job creation efforts,” Beth Dunford, Bank Vice President for Agriculture, Human and Social Development, said.
