The African Development Bank (AfDB) has concluded plans to disburse $618 million to Nigeria through the Investment in Digital and Creative Enterprise (i-DICE) initiative. According to Mr. Lamin Barrow, the Country Director-General for Nigeria at the AfDB, the Nigerian government is currently in the process of selecting a fund manager for the project.
The $618 million technology fund for young investors was launched under the iDICE program on March 14, aiming to assist entrepreneurs facing fundraising challenges in Nigeria’s technology and creative sectors. Former Vice President Yemi Osinbajo introduced the fund.
The AfDB is set to contribute $170 million, the Agence Francaise de Developpement will provide $116 million, and the Islamic Development Bank plans to invest $70 million in the initiative.
Barrow explained that the project’s implementation was staggered due to the transition of the Nigerian government. He stated, “We were caught up by the transition of government, and you have to allow the new government to settle in.” The steering committee, chaired by the vice-president and comprising representatives from various ministries, has met and received briefings. Barrow noted, “We are now at the point of disbursement, and the team has assembled the necessary procurement work. This involves the recruitment of the transaction adviser and the Expression of Interest for firms that want to manage the DICE funds.”
The project has received approval from the French government, which has committed millions of dollars to support it. French Minister Catherine Colonnade, during her visit to Nigeria last week, pledged support to the program, highlighting its potential to create 65,000 startups in the country.
Barrow affirmed the collaboration between the AfDB and the French government in investing in the project, stating, “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 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.”
