Home Business FG Set to Launch $617m Investment In Digital, Creative Enterprises Programme

FG Set to Launch $617m Investment In Digital, Creative Enterprises Programme

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The Federal Government is set to launch $617 million dollar investment in digital and creative enterprises (i-DICE) programme in November.

This was made known when the steering committee on Investment in Digital and Creative Enterprises (I-DICE) Programme had its inaugural meeting with Vice President Kashim Shettima at the presidential villa, Abuja.
Vice President Kashim Shettima mandated the members of the i-DICE Steering Committee to ensure that the programme commences before the end of November, 2023.

Speaking with State House correspondents shortly after the meeting, Minister of Finance, Wale Edun described the project as ‘very key’ to the promise of President Bola Tinubu, particularly to the youth on the creation of 1.2 million digital jobs.

“This particular project is very key to the promise of His Excellency President Bola Ahmed Tinubu, particularly to the youth. This $617 billion project will go a long way to achieving the President’s priorities on job creation and economic growth, and particularly inclusivity. One of the major elements is going to have 50% participation by women”, he said.

On his part, Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the scheme is a unique opportunity for the youth to b engaged in the technology space.

I”t’s a unique opportunity, you know, the Nigerian technology and creative ecosystem has been doing well is the best on the continent. I think last year the entire continent raised about $5 billion, Nigeria, only did 20% of that.

“With this funding, what it means is that not only are we going to be a leader in the region, we actually want to be a leader globally. And there’s no other way to do that but by investing in the technology startups that are building these solutions”,Tijani said.

The Managing Director of the Bank of Industry, Mr Kayode Pitan, hinted that the Vice President gave the committee marching order to commence the programme in November.

“The Vice President has given us a marching order that he wants this to start by next month. The Investment in Digital and Creative Enterprises (I-DICE) Programme programme is actually a $617 million programme.

“The funding has been concluded with African Development Bank (AfDB), The French Development Agency and the Islamic Development Bank. BOI (Bank or Industry also will put in some part of that funding, it will cover the digital area, the creative area and entertainment area, especially the areas that the youth are interested.

“So this is actually for the youth, you know, people below 35. we have some grants. We have some loans. There’s some equity and for the startups, government is hoping that some new unicorns are going to emerge from these particular programme”, he said.

Also present at the meeting were the Ministers of Science and Technology Innovation, Mr Uche Nnaji; Industry Trade and Investment, Dr. Doris Uzoka-Anite; Arts, Culture and Creative Economy, Hajiya Hannatu Musawa, among others.

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