Nigeria Set to Receive $618 Million for Investments in Digital and Creative industry

Lamin Barrow, the AfDB’s national director-general for Nigeria, revealed the information on Sunday in a Marrakesh, Morocco, interview with the News Agency of Nigeria.

He stated that a fund manager for the project was being sought by the federal government. The Federal Government announced last month that the i-DICE program will be receiving a $617.7 million investment.

A federal government initiative called i-DICE seeks to improve, inclusive, and long-lasting employment by encouraging investment in the creative and information-communications technologies sectors.

According to Barrow, the Bank of Industry in Nigeria will provide $45 million of the $618 million money. Also, it is anticipated that the Islamic Development Bank will spend $70 million, the Agence Francaise de Development will contribute $116 million, and the AfDB will provide $170 million.

According to Barrow, the project’s implementation was delayed due to Nigeria’s political shift. “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 with membership from the ministries of finance, trade and investments, communication, science and technology, information and culture, met and received a briefing,” he said.

Barrow stated that advanced consultations on the first payout were part of the advanced level of talks already underway.

“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 AfDB country director-general said.