i-DICE: Nigerian Government Launches $600m Programme to Boost Startups and Tech Innovation

The Nigerian tech ecosystem and creative industry have received a fresh $600 million financial boost from the Investment in Digital and Creative Enterprises (i-DICE) programme, which was launched on Tuesday by Vice President Yemi Osinbajo, in Abuja.

The programme which was launched at the State House is designed to support young Nigerian entrepreneurs between the ages of 15 to 35, who are involved in early stages of creative, innovative and technology-enabled ventures. i-DICE provides access to capital to tackle capacity limitation and other constraints of Start-ups.

Delivering the keynote address at the event, Osinbajo calls for more action from governments and stakeholders, in addition to programmes like i-DICE, to spur innovation in Africa.

“I think it is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent,” he said.

The Vice President added that the government must provide more support for startups and small businesses, and investors must provide more funding.

“This is why the Investment in Digital and Creative Enterprises Programme is important,” he said.

Osinbajo, who also spoke on behalf of the Nigerian government, said the programme, which was launched in collaboration with many development partners from Africa, is designed to support innovation across very critical pillars including policy, infrastructure, access to finance and talent.

These pillars have been identified as very critical to the growth and sustenance of innovation on the continent, he said.

i-DICE is supported by funding from the African Development Bank (AfDB)-$170m, the Islamic Development Bank (IsDB)-N70m and the Agence Française de Développement-$116m. There is also a Federal Government of Nigeria counterpart contribution of $45 million through the Bank of Industry loans for qualifying start-ups.

The Vice President disclosed that $271m is expected from private sector and institutional investors.

He described the launch of the i-DICE Programme as a significant milestone by the Nigerian government, demonstrating its commitment to creating jobs and entrepreneurial opportunities for the youths.

He added that the programme is part of the present administration’s efforts in supporting the growth in the tech and innovation sectors.

“As a government, we have consistently provided support to the innovation ecosystem over the last 8 years. In 2018, we established the Technology and Creativity Advisory Group. The Advisory Group brings together stakeholders in the technology and creative industries, to contribute directly to policy formulation, articulation and the design of the technology and creative sectors of our economy.

“The Group has influenced various government policies for the growth of the economy. For instance, the Ministry of Communications and Digital Economy, working with NITDA has established a Center for Artificial Intelligence and Robotics, the Ministry has also led the coordination of our partnership with Microsoft to increase Nigeria’s technology talent pipeline by training five million Nigerians in various technology skills,” he said.

Speaking at the event, the President of the AfDB, Dr. Akinwunmi Adesina, who was also duly thanked by the Vice President for making the idea a reality, said that programmes like the i-DICE is needed now, especially as Nigeria is leading Africa’s digital technology. He said such ideas will create an enabling environment for startups.

“The i-DICE Programme is timely, strategic, and transformative as it will build the ecosystems to support more competitive entrepreneurs powered by digital technologies.

“That is why we like i-DICE: it is visionary, sees the future and prepares Nigeria for it. That future is here. Every aspect of life is being transformed digitally,” Adesina said.