AfDB Unleashes $618M Boost for Nigeria’s Digital and Creative Ventures

The African Development Bank (AfDB) has successfully concluded negotiations for the allocation of a substantial $618 million to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE) initiative. This noteworthy development was disclosed by Mr. Lamin Barrow, the Country Director-General for Nigeria at the AfDB, during discussions with the News Agency of Nigeria (NAN) in Marrakesh, Morocco. Barrow revealed that the Nigerian government is currently in the process of selecting a fund manager to oversee the implementation of the i-DICE project.

This financial injection comes in the wake of Nigeria’s launch of a $618 million technology fund specifically designed to support young investors, an initiative brought to fruition on March 14. The brainchild of former Vice President Yemi Osinbajo, the i-DICE program aims to address the fundraising challenges faced by investors operating in Nigeria’s technology and creative sectors.

The breakdown of the financial contributions to the i-DICE initiative is as follows: the African Development Bank plans to contribute $170 million, the Agence Francaise de Developpement commits $116 million, and the Islamic Development Bank will invest $70 million. Barrow noted that the staggered implementation of the project was influenced by the transition of the Nigerian government.

“We were caught up by the transition of government, and you have to allow the new government to settle in,” Barrow explained. He went on to highlight the progress made by the steering committee, chaired by the vice-president and comprising members from various ministries, including Finance, Trade and Investments, Communication, Science and Technology, and Information and Culture. This committee has been actively involved in the disbursement process, overseeing the necessary procurement work, including the recruitment of a transaction adviser and the Expression of Interest for firms interested in managing the DICE funds.

In a collaborative effort to bolster the i-DICE initiative, the French government has also thrown its support behind the project, pledging financial commitments in the millions of dollars. Catherine Colonnade, the French Minister, recently visited Nigeria and expressed her endorsement of the program, foreseeing its potential to generate 65,000 startups in the country.

Barrow confirmed this collaboration, emphasizing the joint commitment of the AfDB and the French government to invest in the i-DICE project. “Last week, the French minister that visited Nigeria signed the agreement for the co-financing as DICE is being co-financed by the French Development Agency and the Islamic Development Bank,” Barrow stated. He highlighted that all the necessary processes for this collaboration had been virtually completed, emphasizing the imminent occurrence of the fund and recruitment processes.

“The important thing is that the fund and the recruitment processes for a fund manager will soon occur. The fund will be independently managed by the fund manager who will also contribute to the fund by supporting start-ups,” Barrow concluded, underlining the significant strides taken to realize the goals of the i-DICE initiative in fostering innovation and entrepreneurship in Nigeria’s technology and creative sectors.