Six months after passing the Nigerian Startup Act, the Nigerian government has reportedly launched a $672 million fund for tech for young people in its tech and creative sectors.
The Investment in Digital and Creative Enterprises (i-DICE) Programme was launched by vice president Yemi Osinbajo on Tuesday.
According to the presidency, the African Development Bank (AfDB) will lead the fund with $170 million, while $116 million will come from Agence Francaise de Developpement. The Islamic Development Bank will also input $70 million.
Per AfDB, the fund will “marks the rollout of a flagship initiative that will drive vital funding for Nigeria’s digital and creative industries. In addition to the leaders of government, corporations, and development finance institutions, the event will feature youth working in the digital technology and creative sectors, students, and investors.”
“i-DICE is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation,” said Osinbajo at the launch.
While the presidency announced that the fund will be targeted at 18 to 35–year olds, nothing much is known about the fund yet. AfDB, in a news release, did note that the fund will see investments across 200 tech and creative startups, and 450 tech-powered SMEs. Over 175,000 young Nigerians will also receive direct access to capacity-building services.
