Nigerian youths in focus as Osibanjo launches $600m tech initiative
By Cynthia Ezekwe
Yemi Osinbajo, the vice president of Nigeria has launched a $600 million Investment in Digital and Creative Enterprises (i-DICE) programme for young Nigerian entrepreneurs in creative, innovative and technology-enabled ventures.
Osinbajo made this disclosure at the presidential launch of the i-DICE Programme, held recently at the State House Banquet Hall, Abuja.
In his keynote address,the vice president noted that the initiative is targeted at young Nigerians between the ages of 15 and 35 , starting up innovative, creative, and technologically enabled businesses. He stressed that it is imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to 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 African continent.
Speaking further,Osibanjo explained that the launch of the i-DICE Programme was a significant milestone by the Nigerian government in its continued efforts in harnessing the potential of its youth population and creating more jobs, while assuring that constraints such as access to capital, and capacity limitation of Start-ups would be effectively addressed under the i-DICE initiative.
The vice president also noted that beyond job creation,the programme is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation.
Giving a breakdown of the funding, he said: “The total fund is $618 million, out of which the African Development Bank (AfDB) provides $170million, the Agence Francaise de development $116m and the Islamic Development Bank will provide $70 million in co-financing.” Another $271m is expected from private sector and institutional investors.”
The VP referenced Disrupt Africa’s 2022 Tech Funding Report which indicated that Nigeria was the best-funded country in Africa for the second year running, with a minimum of 180 startups, making up an estimated $1 billion or 30 per cent of Africa’s funded ventures,substantially ahead of all other countries on the continent.
Osibanjo called on the government to provide more support for startups and small businesses, and investors to provide more funding, while pointing out the importance of the i-DICE initiative.
On his part, Akinwunmi Adesina, the AfDB President commended the federal government’s commitment to the actualization of the initiative, particularly the leadership of the vice president in creating an enabling environment for the development of start-ups, as well as position Nigeria as Africa’s leading digital technology centre.
Adesina added that the i-DICE Programme is timely, strategic, and transformative as it will build the ecosystems to support more competitive entrepreneurs powered by digital technologies,and enhance digital transformation in various sectors.