France’s Minister predicts I-DICE will give rise to over 65,000 startups in Nigeria
France’s Minister for Europe and Foreign Affairs, Catherine Colonnade, announced that Nigeria’s Investment in Digital and Creative Enterprises (I-DICE) program holds the potential to initiate more than 65,000 startups in Nigeria. This proclamation came as the Nigerian government formally inked an agreement with France regarding the I-DICE program.
The bilateral agreement was signed by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and Minister Colonnade at the Ministry of Foreign Affairs in Abuja.
Dr Bosun Tijani, representing Nigeria’s Vice President Kashim Shettima, also bore witness to the agreement.
In addition to fostering startups, Minister Colonnade emphasized that the I-DICE program is poised to generate approximately 150,000 direct jobs and create an estimated 1.3 million indirect employment opportunities.
The initiative’s funding sources include the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (ISDB), and the Bank of Industry (BOI). Of the program’s total value, exceeding $600 million, AFD is contributing 100 million euros (equivalent to $116 million).
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Mr Tuggar highlighted that the I-DICE program places a strong emphasis on job creation, with the potential to significantly impact young Nigerians by assisting them in establishing sustainable employment opportunities, cultivating high-value-added industries, and contributing to Nigeria’s economic development.
The program is an initiative of the Federal Government of Nigeria, driven by the Office of the Vice President, with a primary focus on promoting entrepreneurship and innovation within the digital technology and creative industry sectors.
As outlined by Minister Tuggar, the program’s objectives encompass training two million young individuals while encouraging them to build their own entrepreneurial ecosystems through access to financing for innovative business and startup ventures.
The program will also receive support and funding from the private sector and institutional investors, with the Bank of Industry serving as the Implementing Agency, responsible for day-to-day project coordination.
Speaking on behalf of Vice President Shettima, Mr Bosun Tijani underscored the Nigerian government’s commitment to enhancing youth employability by emphasizing promising careers within the digital, cultural, and creative sectors.
He welcomed the French government’s support and collaboration in advancing technological innovation for Nigeria’s startup ecosystem, emphasizing the historical commitment of France to the growth of startups.
Mr Bosun noted that the I-DICE program aligns perfectly with existing political will and momentum to empower young Nigerians and falls in line with AFD’s strategy to enhance skill development and bolster entrepreneurial training quality in high-potential sectors.
