By Jennete Ugo Anya
The African Development Bank (AfDB), the French Development Agency and the Islamic Development Bank are to co-financed the $618 million Nigeria’s digital and creative enterprise (i-DICE) program.
Mr.Lamin Barrow, AfDB’s country Director-General for Nigeria, shared this update recently during an interview in Marrakesh, Morocco.
Last month, the federal government announced a $617.7 million investment in the digital and creative sectors through the i-DICE program.
The program is aim at fostering growth in information and communications technology (ICT) and creative industries, for the creation of inclusive and sustainable jobs.
Mr. Barrow revealed that out of the $618 million fund, $45 million will be sourced from Nigeria through the Bank of Industry(BOI).
The AfDB is set to contribute $170 million, the AgenceFrancaise de Development will provide $116 million, and the Islamic Development Bank will invest $70 million.
Mr. Barrow cited the transition in government as a reason for the project’s staggered implementation, emphasising the need for the new government to settle in.
According to him, the steering committee, chaired by the vice-president and comprising members from various ministries, has progressed to the disbursement stage.
He noted the completion of essential procurement work, including the recruitment of a transaction adviser and Expression of Interest for firms seeking to manage the i- DICE funds.
Mr. Barrow emphasied that all processes are nearly finalised, with the fund and recruitment processes for a fund manager expected to commence soon.
He clarified that the fund will be independently managed, with the fund manager also contributing to the fund by supporting startups.
