Catherine Colonnade predicts over 65,000 startups through I-DICE in Nigeria

France’s Minister for Europe and Foreign Affairs, Catherine Colonnade, asserted that Nigeria’s Investment in Digital and Creative Enterprises (I-DICE) program has the potential to spawn 65,000 startups within the country. This significant announcement came during the signing of a bilateral agreement between the Nigerian government and France.

The ceremony took place at the Ministry of Foreign Affairs in Abuja, with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and Catherine Colonnade executing the agreement on behalf of their respective nations. Additionally, Bosun Tijani, the Minister of Communications, attended the event representing Nigeria’s Vice President, Kashim Shettima.

Colonnade emphasized the far-reaching impact of the I-DICE program, stating that it would not only give rise to a substantial number of startups but also generate approximately 150,000 direct jobs and around 1.3 million indirect employment opportunities. “The program will create more than 65,000 startups, 150,000 direct jobs in the technology and creative industries sectors, and approximately 1.3 million indirect jobs,” she announced.

Financed by the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (ISDB), and the Bank of Industry (BOI), the I-DICE program holds a total value exceeding $600 million. The AFD, for its part, is contributing 100 million euros, equivalent to $116 million.

Minister Tuggar underscored the program’s focus on job creation and its potential to positively impact the younger generation in Nigeria. He explained that the I-DICE program is an initiative of the Federal Government of Nigeria, led by the Office of the Vice President, aimed at fostering entrepreneurship and innovation within the digital technology and creative industry sectors. Furthermore, the program is set to train two million young individuals, enabling them to establish sustainable businesses and startups by facilitating access to financing.

Tuggar emphasized the importance of private sector support and institutional investment in the program. The Bank of Industry, as the Implementing Agency, will take charge of the program’s day-to-day activities.

Bosun Tijani, representing Vice President Kashim Shettima, highlighted the Nigerian government’s commitment to enhancing the employability of the youth, particularly in the digital, cultural, and creative industries. He expressed gratitude for France’s support in advancing technological advancements within the Nigerian startup ecosystem and noted the AFD’s financial contribution as a testament to France’s commitment to fostering startup growth.

Tijani further stated that the I-DICE program aligns perfectly with Nigeria’s goals of uplifting its youth and promoting technology in critical sectors. The program also coincides with the AFD’s strategy to bolster skill development and enhance entrepreneurial training in these high-potential sectors.