In partnership with local and international partners, the Nigerian government has launched a $618 million fund to invest in tech and startups in the country.
The Nigerian government launched a fund worth $618 million under the Digital and Creative Enterprises Program (i-DICE). The aim of the fund is to promote entrepreneurship and innovation in the digital technology and creative sectors. The Vice President, Yemi Osinbajo, spoke at the launch and emphasized the need for a coordinated approach to innovation on the continent. He said stakeholders should come together to build programs that provide an enabling environment and produce talent pipelines to support innovation growth.
The $618 million fund is made up of $170 million from the African Development Bank, $100 million for the Agence Francaise de Development, and $70 million from the Islamic Development Bank in co-financing. Through the Bank of Industry, the federal government will back the fund with $45 million as a counterpart contribution to be availed through loans for qualifying startups and $271 million from the private sector and institutional investors.
Speaking at the launch, the Vice President highlighted that the influx of private capital has enabled startups to expand their operations, create new jobs, and contribute significantly towards Nigeria's GDP growth. The fund will focus on young Nigerian entrepreneurs between 15-35 years with innovative early-stage growth technology-enabled ventures, creative sector micro, small and medium enterprises (MSMEs), and Enterprise Support Organizations (ESOs) such as hubs, accelerators, venture capital, and private equity firms. About $1.14 million of the fund will focus on funding women-led startups in both sectors. This initiative is expected to drive economic growth and create job opportunities for Nigerians in the digital and creative industries.
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