AfDB: We’ve finalised arrangements to disburse $618m to Nigeria for startup funding

African Development Bank (AfDB) says it has finalised arrangements to disburse $618 million for the implementation of Nigeria’s investment in digital and creative enterprise (i-DICE) programme.

Lamin Barrow, AfDB’s country director-general for Nigeria, spoke on Sunday in an interview with NAN in Marrakesh, Morocco.

He said the federal government was in the process of recruiting a fund manager for the project.

Last month, the federal government announced the launch of a $617.7 million investment through the digital and creative enterprises (i-DICE) programme.

The i-DICE is a federal government programme aimed at promoting investment in information and communications technology (ICT) and creative industries, as part of efforts to build better, inclusive, and sustainable jobs.

Barrow said of the $618 million fund, $45 million will come from Nigeria through the Bank of Industry (BoI).

The AfDB will contribute $170 million; Agence Francaise de Development will contribute $116 million, and the Islamic Development Bank will invest $70 million.

Barrow said the implementation of the project was staggered because of Nigeria’s government transition.

“We were caught up by the transition of government and you have to allow the new government to settle in,” he said.

“The steering committee, chaired by the vice-president with membership from the ministries of finance, trade and investments, communication, science and technology, information and culture, met and received a briefing.

“We are now at the point of disbursement and the team has assembled the necessary procurement work.

“This has to do with the recruitment of the transaction adviser and the Expression of Interest for firms that want to manage the DICE funds.”

Barrow added that a lot of work has been done, including advanced meetings on the first disbursement.

“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. All the processes are now virtually completed,” The AfDB country director-general said.

“The important thing is that the fund and the recruitment processes for a fund manager will soon occur.”

He also said the fund will be independently managed by a fund manager who will also contribute to the fund by supporting startups.