To encourage entrepreneurship and the development of jobs in Africa’s largest economy, the Nigerian government has established a $672 million fund aimed at young business owners in the technology and creative industries.
Vice President Yemi Osinbajo announced the Investment in Digital and Creative Enterprises Programme (I-DICE) on March 14, 2023. This program is for young Nigerians between the ages of 15 and 35 involved in creative, innovative, and tech-enabled businesses in their early stages.
The government says it will give $45 million, and the private sector will offer $271 million. The Agence Francaise de Development will provide $116 million, the African Development Bank will give $170 million, and the Islamic Development Bank will provide $70 million.
Nigeria has the most startups in Africa, most of which are in the fintech field, and has gotten a lot of money from banks and venture capital firms outside of Africa.
The I-DICE initiative will likely make it easier for young entrepreneurs in Nigeria’s tech and creative sectors to get funding and create a better environment for their growth and development.