Ayodeji Ayenuwa
In a move to foster entrepreneurship and innovation, the French government is injecting a substantial $116 million into Nigeria’s startup ecosystem through the Investment in Digital and Creative Enterprises (I-DICE) program.
The pledge was made during a bilateral agreement signing event in Abuja, with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and France’s Minister for Europe and Foreign Affairs, Catherine Colonnade, leading the charge.
The I-DICE program, initiated by the Nigerian government, is all about fostering entrepreneurship and innovation in the digital technology and creative sectors. It’s set to create 65,000 startups, creating 150,000 direct jobs, and offering approximately 1.3 million indirect employment opportunities within Nigeria.
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Minister Tuggar emphasized the primary objective of the I-DICE program – job creation, with a special focus on empowering Nigeria’s youth. He mentioned, “This program will help us create jobs, boost our economy, and build a more prosperous future for our people.”
Private sector backing and institutional support are crucial to the initiative’s success, with the day-to-day operations entrusted to the Bank of Industry.
The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, representing Vice President Kashim Shettima, commended France’s commitment to nurturing Nigeria’s startup ecosystem. He added, “This funding from the AFD for the I-DICE program is a testament to France’s historical commitment to the growth of startups.”
The I-DICE program is designed to train two million individuals in digital technology and creative skills, providing them with the necessary financing to embark on their entrepreneurial journeys.
Ultimately, this financial boost from the French government is set to reshape Nigeria’s startup landscape, with an emphasis on entrepreneurship, innovation, and employment. This partnership aims to bolster the nation’s economic growth and promote youth development, solidifying Nigeria’s position as a hub for startups and technological advancement.
Techrectory with Agency Report.
