Empowering Nigeria’s Youth: The iDICE Program Ignites Digital and Creative Innovation
Posted on the Youth Activities Dashboard – Office of the Special Assistant to the President on Youth Initiatives (Monitoring and Delivery)
The Investment in Digital and Creative Enterprises (iDICE) program stands as a transformative initiative by the Federal Government of Nigeria, aimed at nurturing the talents of young Nigerians aged 15 to 35 in the digital technology and creative sectors. Launched on March 14, 2023, in Abuja, this ambitious program seeks to position Nigeria as Africa’s premier hub for innovation and entrepreneurship.(itcbb.com.ng, African Development Bank Group)
Program Overview
iDICE is a $618 million initiative co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), Islamic Development Bank (IsDB), and the Bank of Industry (BoI). The program aims to:(Connecting Africa)
- Train 175,000 young individuals in digital and creative skills.
- Support over 200 tech and creative startups with direct investments.
- Provide non-financial services to approximately 450 digital technology SMEs.
- Create 6 million new jobs, both direct and indirect, for young Nigerians. (icirnigeria.org, African Development Bank Group, Connecting Africa)
Key Components
- Skills and Enterprise Development: Equipping youths with in-demand skills in areas like software development, animation, digital marketing, and content creation. This component also fosters innovation in emerging technologies such as Artificial Intelligence and the Internet of Things. (Nairametrics)
- Access to Finance: Establishing the DICE Fund, an independently managed venture capital fund, to provide equity/quasi-equity capital funding to startups and SMEs in the tech and creative sectors. (theouut.com)
- Enabling Environment and Institutional Support: Enhancing regulatory frameworks, such as operationalizing the 2022 Start-up Act, and promoting investment and export activities for technology and creative businesses. (African Development Bank Group)
Impact and Opportunities
The iDICE program is poised to generate an estimated $6.4 billion in economic benefits for Nigeria. By fostering a conducive environment for innovation and entrepreneurship, iDICE aims to:(African Development Bank Group)
- Empower young entrepreneurs to transform their ideas into viable businesses.
- Enhance Nigeria’s global competitiveness in the digital and creative industries.
- Stimulate job creation and reduce youth unemployment.
Get Involved
Are you a young Nigerian entrepreneur or aspiring innovator? Explore the opportunities that iDICE offers by visiting the official Bank of Industry iDICE portal.(BOI)
“We are retooling Nigeria to be more competitive in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth.”
— Dr. Akinwumi Adesina, President, African Development Bank
Stay connected with the Youth Activities Dashboard for updates on application processes, training schedules, and success stories from beneficiaries across the nation.
