‘AfDB to provide $170m’ — NEC approves $617m investment in digital, creative enterprises

The national economic council (NEC) has approved the implementation of the $617.7 million investment in digital and creative enterprises (i-DICE) programme.

i-DICE programme will take place in 36 states and the federal capital territory (FCT).

At its 140th meeting held virtually on Thursday, Vice-President Kashim Shettima, chairman of the council, said the firm resolve of President Bola Tinubu’s administration is to leave a legacy of prosperity and opportunity for all Nigerians.

He asked state governors to nominate persons to represent each geopolitical zone at the zonal level and focal persons to lead the implementation of the programme in their respective states.

Shettima said prioritising whatever provides Nigerians with a means to earn a living with dignity is part of Tinubu’s eight-point agenda.

“But two things are clear: one, we won’t ever regret paving the way for the acquisition of skills that meet the needs of the global markets; two, our actions today will shape the economic landscape of tomorrow, and so it’s incumbent upon us to ensure that we leave a legacy of prosperity and opportunity for all Nigerians,” he said. 

“When we empower entrepreneurs and small business owners, we unlock the potential for innovation, job creation, and economic growth. By providing access to financing, training, and mentorship programs, we unleash the entrepreneurial spirit that lies within every Nigerian, catalysing a wave of economic prosperity that benefits us all. 

“We cannot achieve this without inclusivity and equitable access to opportunities. This is the ladder we must offer to every disadvantaged citizen.”

Shettima said the government has moved beyond mere deliberations to the implementation phase and it is actively pursuing its short-term goals en route to achieving the medium-term and long-term strategies.

“My confidence in our ability to fix our nation stems from the unity of purpose this Council has demonstrated. We have rejected binary thinking, resisted divisions, and relegated self-interest in favor of a shared vision for progress,” Shettima said.

However, he said the interventions made so far to prevent natural disasters, combat crude oil theft, and mitigate environmental damage, would be useless to the citizens unless job creation and skill development at every part of the nation is prioritised.

‘I-DICE TO CREATE MILLIONS OF JOBS IN TECHNOLOGY SPACE’

In his presentation on the i-DICE programme, Shekarau Omar, executive director in charge of small and medium-sized enterprises (SMEs) at the Bank of Industry (BoI), said the i-DICE programme seeks to fulfil the promise by the Tinubu administration to create millions of jobs in the technology space.

Omar said the programme is in support of the government’s agenda to diversify the economy and equip digital and creative innovation centres across the country.

He listed the African Development Bank (AfDB), the French Development Agency (AFD) and the Islamic Development Bank as entities that will fund the programme. 

Breaking down how the funds would be disbursed, Omar said “AfDB, $170million; IsDB, $70 million; AFD, $116 million;  BoI on behalf of federal government, $45.50 million; fund manager (For equity fund only), $8.70 million; and private investors, $205 million”.

The director said 1,269,757 youths will receive information and communication technologies (ICT) training and certification, with at least 25,000 youths trained in each state of the federation and the FCT.

Omar said about 100,000 jobs will be created per state and 5,581,231 indirect jobs will be created through i-DICE interventions nationwide.