National Economic Council Approves $617.7 Million for i-DICE Programme Nationwide
In a significant move towards advancing Nigeria’s technological landscape and boosting economic diversification, the National Economic Council has greenlit a $617.7 million investment in the Digital and Creative Enterprises (i-DICE) programme. Here’s all you need to know about this groundbreaking initiative:
1. Objective:
The primary aim of the i-DICE programme is threefold:
- Generate millions of jobs in the technology sector
- Diversify the economy
- Establish digital and creative incubation hubs/innovation centres nationwide.
2. Location:
The approved investment will be allocated across all states of Nigeria and the Federal Capital Territory (FCT), ensuring nationwide coverage and impact.
3. Empowerment:
The programme targets empowerment of entrepreneurs and small business owners, offering them opportunities to thrive in the digital economy.
4. Projected Impact:
The i-DICE programme is expected to make a substantial impact:
- 1,269,757 youths will receive training and certification in ICT skills
- A minimum of 25,000 youths will be trained per state and the FCT
- Each state aims to create at least 100,000 jobs
- An estimated 5,581,231 indirect jobs will be generated nationwide through i-DICE interventions.
5. Funding Sources:
The funding for the i-DICE programme is sourced from various entities:
- AfDB: $170 million
- IsDB: $70 million
- AFD: $116 million
- Bank of Industry (on behalf of FGN): $45.50 million
- Fund Manager: $8.70 million
- Private investors: $205 million.
This landmark investment underscores the government’s commitment to fostering innovation, job creation, and economic growth through the digital and creative sectors. With i-DICE, Nigeria is poised to harness its vast potential and pave the way for a prosperous future in the digital age.
