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The African Development Bank (AfDB) has revealed plans to allocate $618 million for the execution of Nigeria’s Digital and Creative Enterprise Program, aiming to boost the country’s investment in the digital and creative sectors.
Lamin Barrow, AfDB’s Country Director-General for Nigeria, shared this information in an interview on Sunday with the News Agency of Nigeria in Marrakesh, Morocco. He disclosed that the Federal government is currently in the process of recruiting a fund manager for the project.
Last month, the Federal Government announced the launch of a $617.7 million investment under the i-DICE program. i-DICE focuses on fostering investment in information and communications technology and creative industries to create better, inclusive, and sustainable job opportunities.
Barrow specified that out of the $618 million fund, $45 million would be contributed by Nigeria through the Bank of Industry. AfDB is set to contribute $170 million, Agence Francaise de Development will provide $116 million, and the Islamic Development Bank will invest $70 million.
Barrow acknowledged that the project’s implementation faced delays due to the transition of Nigeria’s government. He explained, “We were caught up by the transition of government, and you have to allow the new government to settle in.” However, he reassured that the steering committee, chaired by the vice-president and comprising members from various ministries, has made progress, and talks are at an advanced stage, with meetings for the first disbursement already in motion.
“The French minister that visited Nigeria last week 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,” added Barrow, the AfDB country director-general.
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