📋 Tender Overview
Project Summary
Approval Date 13 Dec 2021
Planned Completion Date 01 Dec 2027
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 11330
Commitment U.A 121,464,143.07
Status Implementation
Participating Organization
Funding
African Development Bank
Extending
Government Of Nigeria
Implementing
FEDERAL MINISTRY OF FINANCE
Introduction and Background: i-DICE is a Federal Government of Nigeria (FGN) Program to promote investment in Information and Communications Technology (ICT) and Creative Industries, as part of efforts to build back better, greener, and more inclusively, in support of the government’s agenda to create more and sustainable jobs during and post COVID-19 pandemic. It is spearheaded by the Advisory Council for Technology and Creativity, set up in 2018 under the aegis of the Nigerian Industrial and Competitiveness Advisory Council, to provide solutions to several technology and creativity challenges in the country. The Program has strong country ownership and participation, including approval at the level of the Presidency and is anchored by the Office of the Vice President.
Program Objective: The development objective of the Program is to promote entrepreneurship and innovation in digital technology and creative industries to support the government’s job creation efforts, especially for young people. This is to be achieved through a systemic, multisectoral and an ecosystem development approach focused on programmatic interventions and catalytic investments in entrepreneurship and digital technology and creative businesses. It builds on brownfield investments and synergies with ongoing initiatives in Nigeria.
The programmatic interventions aim to (i) harness Nigeria's youth talent pool (from ages 15 to 35 years) and equip them with technology and creative skills to increase their employability, (ii) foster innovation, and support the emergence of more entrepreneurs; supporting their growth to unlock their potential to create employment; and (iii) support enactment of enabling regulatory frameworks and policies for new businesses and innovative ventures. The catalytic investments in these businesses will be achieved mainly through an investment vehicle (Digital and Creative Enterprises (DICE) Funds) that will pool appropriate financing by investors ( such as DFIs non sovereign lending, Private Sector, Investment Groups, Institutional Investors, Foundations, Philanthropies, High Net-worth Individuals , family offices among others), under different financing options and conditions, to provide patient funding to digital technology start-ups and creative businesses.
