France and Nigeria Sign the $600 million I-DICE financing deal

The goal of the I-DICE programme is to foster innovation and entrepreneurship in the digital technology and creative sectors.

A deal worth over $600 million was inked by Nigeria and France as part of I-DICE, an Abuja-based investment in digital and creative economy.

The Federal Government of Nigeria launched the plan, which both nations claim has as its goal fostering innovation and entrepreneurship in the digital technology and creative industries.

Both Mr. Bosun Tijani, the Minister of Communication and Digital Economy, and Ms. Catherine Colonna, the French Minister of Foreign Affairs, stressed during the signing ceremony how the programme would benefit young Nigerians and help create long-term job opportunities.

“There is no doubt that Nigeria’s creative and digital industries have a huge potential to boost employment and the country’s economy.

Colonna stated, “And we are very happy that the French Agency for Development is entering these sectors, allowing us to scale up our actions through the I-DICE programme significantly.”

According to her, the programme is intended to create more than 65 000 start-ups, 150 000 direct jobs in the technology and creative industries sector, and over 1.3 million indirect jobs. Approximately 2 million adolescents, of whom 40% are women, are scheduled to participate in the training sessions.

The financing was provided by the Bank of Industry (BOl), the Islamic Development Bank (IsDB), the African Development Bank (AfDB), and the French Development Agency (AFD).

The AFD is contributing €100 million, or $116 million, out of the $600 million worth of I-DICE.

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Institutional investors and the business sector will also contribute to and fund the programme. The Bank of Industry will oversee the project’s daily operations in its capacity as the Implementing Agency.

Ms. Colonna emphasised that the creative and cultural industries, youth, and vocational training are important engines of the French economy.

“Creative industries and digital technology have indeed enormous potential to create jobs and spur economic growth in Nigeria,” she continued. In light of this, [President Macron] reiterated his commitment to collaboration in the digital and creative industries with the recent African CCI forum launch, which was attended by a significant delegation from Nigeria.

“As part of our efforts to stimulate the growth of the Nigerian economy and mainstream the application of technology in critical sectors, we welcome the support of the French government as they collaborate with us to leapfrog technological advancements for the benefit of our startup ecosystem,” Vice President Kashim Shettima said through his representative, Bosun Tijani. The fact that France is one of the top startup destinations in Europe is proof of its long-standing dedication to the development of startups, as demonstrated by this financing from the AFD for the I-DICE initiative.