The African Development Bank (AfDB) has announced the finalization of plans to allocate $618 million for the implementation of Nigeria’s investment in the digital and creative enterprise (i-DICE) program. Lamin Barrow, the AfDB’s country director-general for Nigeria, revealed this during an interview with NAN in Marrakesh, Morocco.
Barrow mentioned that the federal government is in the process of recruiting a fund manager to oversee the project, which was launched last month with an investment of $617.7 million aimed at fostering growth in information and communications technology (ICT) and creative industries. This initiative aligns with the government’s goal of creating more inclusive and sustainable job opportunities.
Out of the total $618 million fund, $45 million will be contributed by Nigeria through the Bank of Industry (BoI), while the AfDB, Agence Francaise de Development, and the Islamic Development Bank will contribute $170 million, $116 million, and $70 million respectively.
The implementation of the project encountered delays due to the transition in Nigeria’s government. However, progress has been made, and the steering committee, chaired by the vice-president and comprising various ministries, has convened to oversee the project’s progress.
Barrow assured that the necessary procurement work for disbursement is underway, involving the recruitment of a transaction advisor and the Expression of Interest for firms interested in managing the DICE funds. He highlighted the completion of key agreements with co-financing partners, indicating that the project is close to commencement.
The fund will be independently managed by a fund manager, supporting startups and contributing to the project’s success. Barrow expressed confidence that the fund’s management and recruitment processes for the fund manager will soon be operationalized, marking a significant milestone in promoting Nigeria’s digital and creative enterprise landscape.
