The IsDB has joined a consortium of multilateral and development agencies to launch a program aimed at funding the digital and creative sectors of Nigeria.
The consortium, which comprises, along with the IsDB, the African Development Bank (AfDB), the French Development Agency or Agence Francaise de Developpement (AFD), Bank of Industry (BOI) and the federal government of Nigeria, launched the Investment in Digital and Creative Enterprises (i-DICE) program in Abuja on the 14th March 2023.
“The launch marks the rollout of a flagship initiative that will drive vital funding for Nigeria’s digital and creative industries,” a statement read. “i-DICE is a major step toward significantly upscaling entrepreneurship and innovation in digital technology and creative industries, which include film, fashion and music.”
Co-financed by the IsDB, the AfDB and the AFD, i-DICE will also be receiving counterpart financing from the federal government of Nigeria through BOI, which serves as the executing agency for the funding.
A steering committee chaired by the Office of the Vice President will oversee the initiative, along with a technical committee made up of business leaders, ministries, government departments and agencies.
A venture capital outfit called the DICE Fund will be created under the i-DICE program to draw additional funding from institutional and other private investors.
“The program is part of the federal government of Nigeria’s efforts to build back better, greener and more inclusively, and to create sustainable jobs for its surging youth population. It will consolidate the country’s position as Africa’s leading start-up investment destination and youth entrepreneurship hub,” read a statement.
Nigeria has a National Digital Economy Policy and Strategy in place which, as at October 2022, reached a 103% development and implementation rate. the information and communications technology sector of the country contributed 18.44% to the GDP by Q2 2022, according to the Nigerian National Bureau of Statistics. The IFN Fintech Landscape lists 10 Islamic fintech companies operating in Nigeria.