The African Development Bank (AfDB) has concluded plans to allocate $618 million to Nigeria through the Investment in Digital and Creative Enterprise (i-DICE) program. Lamin Barrow, AfDB’s Country Director-General for Nigeria, revealed to the News Agency of Nigeria in Marrakesh, Morocco that the Nigerian government is in the process of appointing a fund manager for this initiative.
Notably, Nigeria launched a $618 million technology fund for young investors under the iDICE program on March 14. Former Vice-President Yemi Osinbajo inaugurated the fund, with the primary objective of supporting investors who face challenges in raising capital within Nigeria’s technology and creative sectors. The fund comprises contributions from various entities; Nigeria will provide $45 million through the Bank of Industry, AfDB will contribute $170 million, Agence Francaise de Development will offer $116 million, and the Islamic Development Bank will invest $70 million.
Barrow highlighted that the project’s implementation was staggered due to the transition in Nigeria’s government. He stated, “We were caught up by the transition of government and you have to allow the new government to settle in.”
He elaborated further, “The steering committee, chaired by the vice-president with membership from the Ministries of Finance, Trade and Investments, Communication, Science and Technology, Information and Culture, met and received a briefing. We are now at the point of disbursement and the team has assembled the necessary procurement work.”
Barrow also mentioned the progress made, including advanced meetings on the initial disbursement, and the recent agreement signed during the French minister’s visit to Nigeria, confirming the co-financing of DICE by the French Development Agency and the Islamic Development Bank. He indicated that all the processes have been virtually completed.
He concluded by emphasizing, “The fund and the recruitment processes for a fund manager will soon occur. The fund will be independently managed by the fund manager who will also contribute to the fund by supporting start-ups.”
