The Nigerian government has recently launched a $600 million initiative aimed at empowering young entrepreneurs, particularly in the technology and creative sectors. This program, known as the Investment in Digital and Creative Enterprises (i-DICE), targets individuals aged 15-35 and is designed to provide crucial support for startups in their early stages. The initiative is expected to address significant barriers such as access to capital and the capacity limitations that many young entrepreneurs face.
Vice President Yemi Osinbajo announced the program during a ceremony at the State House in Abuja. He emphasized the need for a coordinated effort to foster innovation across Africa, urging governments and private sectors to invest more in nurturing young talents and startups. According to Osinbajo, Nigeria is a leader in Africa’s tech ecosystem, accounting for around 30% of funded ventures on the continent with over 180 startups raising approximately $1 billion.
The funding for i-DICE comes from various partners, including $170 million from the African Development Bank (AfDB), $116 million from the Agence Française de Développement, and $70 million from the Islamic Development Bank. The Nigerian government will also contribute $45 million through the Bank of Industry, alongside anticipated funds from private sector investors.
