|Approval Date||13 Dec 2021|
|Planned Completion Date||01 Dec 2027|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
i-DICE is a Federal Government of Nigeria (FGN) Program to promote investment in Information and Communications Technology (ICT) and Creative Industries, as part of efforts to build back better, greener, and more inclusively, in support of the government’s agendato create more and sustainable jobs during and post COVID-19 pandemic. It is spearheaded by the Advisory Council for Technology and Creativity, set up in 2018 under the aegis of the Nigerian Industrial and Competitiveness Advisory Council, to provide solutions to several technology and creativity challenges in the country. The Program has strong country ownership and participation, including approval at the level of the Presidency and is anchored by the Office of the Vice President.
The development objective of the Program is to promote entrepreneurship and innovation in digital technology and creative industries to support the government’s job creation efforts, especially for young people. This is to be achieved through a systemic, multisectoral and an ecosystem development approach focused on programmatic interventions and catalytic investments in entrepreneurship and digital technology and creative businesses. It builds on brownfield investments and synergies with ongoing initiatives in Nigeria. The Program will achieve the following outcomes:(i) 849,970 direct and indirect jobs created (i.e. 77,270 direct and 772,700 indirect) ; (ii) 77,110 (44%) young women and men skilled to secure employment or created their own businesses; (iii) US$ 216.7 million additional financing raised and made available to early stage growth and high impact technology and technology-enabled ventures and creative businesses (i.e. investee companies) through DICE Fundsinvestment; (iv) US$ 10.4 million financing made available to investee companies whose actions reduce Green House Gas (GHG) emissions or reduce vulnerability to climate change; and (v) DICE Funds reached the target capitalization of US$ 433.3 through the participation of various types of investors.
The Program directly targets Nigerian young women and men (15-35 years), entrepreneurs, innovative early-stage growth technology-enabled ventures and creative sector micro, small and medium enterprises (MSMEs) as well as Enterprise Support Organizations (ESOs) which includehubs, accelerators, Venture Capital and Private Equity Firms, Federal, State andPrivate universities and polytechnics and key participating Federal Ministries and Agencies. Notably in terms of gender, a dedicated budget of US$ 1.14 million will nurture women led Start-ups both in the technology and creative sectors. The direct beneficiaries of the Program will be selected based on transparent selection criteria or competitive calls. The Program will have a national coverage with all the 36 States of Nigeria and the Federal Capital Territory eligible to benefit from the program.
African Development Bank
Government Of Nigeria
FEDERAL MINISTRY OF FINANCE
|Last Update||04 Oct 2022|