Nigeria, France Seal $600m Funding for I-DICE Initiative

Nigeria and France have signed an agreement worth about $600 million under the investment in digital and creative enterprise, I-DICE, in Abuja.

The I-DICE programme is an initiative of the Nigerian government to foster entrepreneurship and innovation in the digital technology and creative dustries. The programme aims to train about 2 million youth, 40% of whom are women, and to create more than 65 000 start-ups, 150 000 direct jobs, and 1.3 million indirect jobs in these sectors.

The funding for the programme comes from a partnership between the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the Bank of Industry (BOl). The AFD is providing €100 million (equivalent to $116 million) of the $600 million value of I-DICE. The programme will also leverage the private sector and institutional investors. The Bank of Industry will oversee the implementation of the project.

The agreement was signed in Abuja by Ms. Catherine Colonna, the French Minister of Foreign Affairs, and Mr. Bosun Tijani, the Minister of Communication and Digital Economy. They both stressed the positive impact of the programme on young Nigerians and the economic growth of the country.

Ms. Colonna said that France was committed to supporting youth, vocational training, and the cultural and creative industries as key drivers of the national economy. She also mentioned that President Macron had reaffirmed his cooperation with Nigeria in these sectors during the African CCI forum that took place last month with a significant Nigerian delegation.

The Vice President, Kashim Shettima, who was represented by Bosun Tijani, said that the programme was part of the efforts to stimulate the growth of the Nigerian economy and to promote the use of technology in critical sectors. He also welcomed the support of the French government and praised its historical role in the development of startups, noting that France was a leading startup destination in Europe.