The Honorable Minister of Finance and Coordinating Minister of the economy, Mr. Wale Edun (L) and the MD/CEO of the Bank of Industry (BOI), Dr. Olasupo Olusi (R) during the signing ceremony of the iDice programme Subsidiary Grant Agreement for the Islamic Development Bank held recently in Abuja.
The Federal Government of Nigeria initiated Investment in the Digital and Creative Enterprises (iDICE) program in a bid to build capacity and create more sustainable jobs in the technology and creative ecosystems. The primary aim of iDICE is to build capacity and upskill Nigerian youth (from ages 15-35), in technology and creativity to increase their employability, foster innovation, and support the emergence of more entrepreneurs in these ecosystems within the five-year lifespan of this programme.
The iDICE program is intended to intervene in three (3) key areas: Skills and Enterprise Development, in which youths will be trained in in-demand technology and creative skills, as well as to build a community of highly skilled talent and connect them to jobs or support them in starting innovative enterprises. The second program component provides patient funding in the form of equity and debt to startups, with a focus on funding gaps in the technology and creative sectors through equity/quasi-equity capital investment. iDICE’s third intervention will provide an Enabling Environment by developing, promoting, and implementing policies, laws, and programs that encourage ease of doing business in technology and creative ecosystems. These components/intervention areas of the iDICE program are designed to address ecosystem challenges and ensure the growth of the technology and creative sectors.
One of the requirements for disbursement of the iDICE program funds is the signing of a Subsidiary Grant Agreement with each of the program financiers. This agreement has been signed for the African Development Bank (AfDB) and the Agence Française de Développement (AFD). Yesterday, the Honorable Minister of Finance, Mr. Wale Edun, and the Managing Director of the Bank of Industry (BOI), Dr. Supo Olusi, signed the Subsidiary Grant Agreement for the Islamic Development Bank. The signing of this subsidiary agreement is a conditions precedent to first disbursement for the Islamic Development Bank’s funding.
During the signing ceremony, the Honourable Minister of Finance reiterated the objectives of the iDICE programme, emphasizing the jobs that will be created for youths, the diversity that iDICE will bring to the Nigerian economy, and his trust in the Bank of Industry’s as the executing agency in delivering on the programme.