The $617.7 million Investment in Digital and Creative Enterprises program, which aims to generate millions of employment in the technology sector, is scheduled to begin in November 2023, according to a proposal from the federal government.
According to The Times, in order to ensure that the program launches before the end of November this year, Vice President Kashim Shettima has issued a directive to the i-DICE Steering Committee members.
The VP gave the order on Friday during a meeting at the Presidential Villa in Abuja, when the i-DICE team updated him on the situation.
According to a statement from the Presidency, Shettima stressed the significance of the project to the Federal Government’s quest for digital jobs at the meeting and declared that the administration is eager to keep its commitments to Nigerians.
Accordingly, he asked all i-DICE program partners to guarantee wise use of the funds, emphasizing that the $617.7 million plan might change the game.
The Vice President emphasized the significance of the program in providing jobs for Nigerians, saying:
“To solve the difficulties related to young unemployment, we must develop jobs for our teeming youth population, due to the specific challenges our nation faces. I want to make a plea to everyone here to work together to ensure the success of this program slated for November.
Minister of Finance Wale Edun hailed the project as “very key to the promise of President Bola Tinubu, particularly to the youth, for the creation of 1.2 million digital jobs” in an interview with State House reporters shortly after the meeting.
“This $617 million initiative will significantly advance the President’s priorities for economic growth and job creation, including diversity. 50% of women will participate in one of the key components, he noted.
The program, according to the Minister of Communications, Innovation, and the Digital Economy, Dr. Bosun Tijani, is a rare opportunity.
“Actually, we aspire to be a world leader. Investments in the technology startups that are developing these solutions are the only alternative option to do this.
“The government is putting money on the line by stating that it wants to support efforts to boost local confidence. And investing in some of the businesses is the only way to demonstrate that.”
The Managing Director of the Bank of Industry, Mr. Kayode Pitan, also spoke, and he made a hint that the Vice President had given them orders to start by the end of the month.
He claimed that an agreement has been reached about the funding with the Islamic Development Bank, the French Development Agency, and the African Development Bank.
“BOI will contribute a portion of that funds as well. It will focus on the digital, creative, and entertainment sectors, particularly those that appeal to young people. So, this is actually aimed at young adults, or those under 35.”
He added that loans and grants are both available. There is some equity, and the government is expecting that this program will produce some new unicorns for the entrepreneurs,” he said.
The i-DICE program was introduced in March of this year while President Muhammadu Buhari was still in office.
The former vice president who oversaw the launch, Yemi Osinbajo, revealed that co-financing would come from the Islamic Development Bank in the amount of $70 million, the AFDB in the amount of $170 million, and the Agence Francaise de Development in the amount of $116 million.
He said that the private sector and institutional investors should provide an additional $271 million.
Osinbajo noted that Nigeria’s government had achieved a critical milestone with the introduction of the program as part of ongoing efforts to utilize the potential of its young people and increase employment.
