The Nigerian government says it is working hard to ensure that the country becomes the leading nation in technology and creative ecosystem.
Minister of Communications, Innovation and Digital Economy, Bosun Tijani made the declaration in an interview with Voice of Nigeria soon after the inaugural meeting of the Steering Committee on Investment in Digital and Creative Enterprises (I-DICE), chaired by Vice President Kashim Shettima.
Tijani said the youths of Nigeria now have a unique opportunity to participate in digital and creative enterprises.
According to him, “It’s a unique opportunity, you know, the Nigerian technology and creative ecosystem has been doing well is the best on the continent. I think last year the entire continent raised about $5 billion, Nigeria, only did 20 percent of that. With this funding, what it means is that not only are we going to be a leader in the region, we want to be a leader globally.
“And there’s no other way to do that but by investing in the technology startups that are building these solutions. So the government is putting its skin in the game. We are saying we want to support, we want to see more local confidence building. And there’s no other way to show that but by putting money into some of the startups.
“I think the Nigerian youth especially those who participate in the startup ecosystem are aware of the implication of having access to capital. You can have great ideas but if you don’t have money to back you up, there’s absolutely nothing you can do. So they know this is a game changer. The landscape is about to change for the better.
“I think the government over the years has been committed to actually ensure that the digital economy in Nigeria is inclusive. My Ministry alone has invested in over 2000 Data Innovation Hubs either in schools or communities in the last 10 years and we’re still doing so. So this has taken us to the next level. There’s the startup ecosystem that’s going in Kano, Sokoto, you go to Cross River, and you’re going to find startups. What they’ve lacked is the funding to support them and this is what is going at the moment.”
Corroborating, Managing Director of the Bank of Industry, Olukayode Pitan, assured that the needed funds have already been mobilized for the project.
He said Vice President Shettima directed that the programme on Digital and Creative Enterprises should fully commence in four weeks.
Pitan also disclosed that over $600 would be spent in actualizing the programme.
“The Vice President has given us a marching order that he wants this to start by next month. The Investment in Digital and Creative Enterprises (I-DICE) programme is a $617 million programme.
“The funding has been concluded with the African Development Bank (AfDB), AFD- The French Development Agency and the Islamic Development Bank. BOI (Bank or Industry) also will put in some part of that funding; it will cover the digital area, the creative area and the entertainment area, especially the areas that the youth are interested in.
“So this is actually for the youth, you know, people below 35. You know, we have some grants. We have some loans. There’s some equity and for the startups, the government is hoping that some new unicorns are going to emerge from this particular programme,” he said.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said President Bola Tinubu has kept his promise of creating over a million digital jobs.
He said: “This particular project is very key to the promise of His Excellency President Bola Ahmed Tinubu, particularly to the youth. He has kept his promise of creating 1.2 billion digital jobs.
“This $617 billion project will go a long way to achieving the President’s priorities on job creation and economic growth, and particularly inclusivity. One of the major elements is going to have 50 per cent participation by women.”
