Friday, July 1, 2022
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Investments

The African Development Bank has approved an investment of $170 million in Nigeria’s digital and creative start-ups

Tech Gist Africa by Tech Gist Africa
12/19/2021
in Investments, News - West Africa
0 0
0
Africa development bank AFDB Tech Gist Africa

Africa development bank AFDB Tech Gist Africa

0
SHARES
Share on FacebookShare on Twitter

The African Development Bank’s (www.AfDB.org) Board of Directors has approved a $170 million loan to Nigeria to fund a digital and creative industries initiative.

The Investment in Digital and Creative Enterprises Program (i-DICE) is a Nigerian government initiative aimed at encouraging investment in the digital and creative industries. It is part of Nigeria’s efforts to rebuild better, greener, and more inclusive infrastructure in order to create more long-term jobs for the country’s burgeoning youth population.

More than 68 million Nigerians between the ages of 15 and 35 are targeted by the program, who are identified as leaders of innovative, early-stage, technology-enabled start-ups or creative sector micro, small, and medium-sized firms. The Islamic Development Bank and the Agence Française de Développement (AFD) are co-funding the program (IsDB).

“Governments play a far bigger role than merely setting policies. To capture private sector investments in critical growth areas, they must be inventive and build an enabling environment that includes infrastructure and de-risking,” said African Development Bank President Akinwumi A. Adesina.

Enterprise support organizations — groups that support, train, and sometimes fund entrepreneurs – such as innovation hubs, accelerators, venture capital, and private equity companies would also benefit from the investment in the Digital and Creative Enterprises Program. The government’s i-DICE project will benefit from bank financing, allowing Nigeria to further solidify its position as Africa’s premier start-up investment destination and a magnet for young entrepreneurs.

“This program is part of a new set of activities designed to help the Bank’s Jobs for Youth in Africa Strategy get off the ground. The program’s focus on the digital sector will deepen Nigeria’s job creation efforts, as tech-enabled enterprises cut across all economic growth sectors,” said Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.

226 technology and creative start-ups will benefit from the project, which will also give non-financial services to 451 digital technology and small and medium businesses. The program is estimated to generate 6.1 million direct and indirect jobs, with the Bank’s funding supporting around 850,000 of them. The program’s value added to the Nigerian economy is projected to be $6.4 billion.

Through independently managed funds focusing on digital and creative entrepreneurship, the program will help to grow Nigeria’s venture capital market. These funds aim to raise $433 million in private and public sector funding in the first year.

“This program would assist Nigeria significantly economically,” stated Lamin Barrow, Director General of the World Bank’s Nigeria Country Department. “The program initiatives will help react to Nigeria’s young employment difficulties, which could worsen if scalable interventions are not implemented.” “I want to applaud the great country ownership under Vice President Osinbajo’s leadership,” he continued.

The African Development Bank’s active portfolio in Nigeria consists of 57 operations worth $4.61 billion, with 30 public and 27 private sector operations. The i-DICE Program is perfectly aligned with the Bank’s strategic focus areas, dubbed the “High 5s,” which include “Industrialize Africa,” “Improve the quality of life for Africans,” and “Feed Africa.”

 

Read more on Tech Gist Africa:

Smart Africa Alliance receives a $1.5 million grant from the African Development Fund to improve the policy environment for digital trade and e-commerce in Africa

Google has announced a five-year, $1 billion investment in Africa

Google to invest $50 million in African startups through an equity-based fund

ShareTweetShare

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

FirstCheck Tech News Africa
Funding

FirstCheck Africa has received a commitment of $2 million from TLcom, bringing the total amount of its debut fund to $10 million

by Tech Gist Africa
06/28/2022
0

FirstCheck Africa has received a $2 million investment from TLcom Capital, a venture capital firm with an emphasis on Africa....

Read more
LaVida Studios

LaVida Studios, a Nigerian film production company, secures $50 million in funding

06/28/2022
Thepeer Nigeria

Thepeer, a Nigerian startup, gets $2.1 million in seed money to support its expansion across Africa

06/23/2022
Kibo Nigeria

Kibo School, a Nigerian edtech startup, receives $2 million

06/23/2022
mTek kenya

MTek, a digital insurance company in Kenya, raises $3 million

06/23/2022
Next Post
Dubai World trade center

The Dubai World Trade Centre plans to establish a dedicated crypto zone

Funding Africa startup

IMFact, a Kenyan fintech, has received £3 million in funding from FSD Africa Investment

MAX

MAX, a Nigerian automobile subscription startup, has raised $31 million in Series B funding

No Result
View All Result

The Big 5

Venture Capital

The Pros and Cons of Venture Capital Funding

by Tech Gist Africa
06/29/2022
0

...

instagram

Instagram is trying out new ways of verifying a user’s age on its app

by Tech Gist Africa
06/28/2022
0

...

innovations

Future technological innovations that will significantly transform the world in the near future

by Tech Gist Africa
06/24/2022
0

...

microsoft internet explorer

Microsoft has officially shut down Internet Explorer

by Tech Gist Africa
06/16/2022
0

...

Launch Africa ventures

The first fund of Launch Africa Ventures, which closed at $36.3 million, has made its 100th investment

by Tech Gist Africa
06/15/2022
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.