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Nigeria launches $618M fund to invest in tech and creative startups

Nigeria launches $618M fund to invest in tech and creative startups

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#government
#startup
#investments
#digital economy
The Nigerian government in collaboration with local and international partners have launched a $618 million fund to invest in the country's digital and creative industries.

The Nigerian government has launched the Digital and Creative Enterprises Program (i-DICE) fund, worth $618m, aimed at promoting entrepreneurship and innovation in the digital technology and creative industries. The fund is made up of contributions from the African Development Bank ($170m), the Agence Francaise de Development ($100m), the Islamic Development Bank ($70m) and the Nigerian government ($45m). The i-DICE Programme will be led by the Bank of Industry and Microsoft will provide technical assistance. The fund will focus on Nigerian young entrepreneurs between 15-35 years with innovative early-stage growth technology-enabled ventures and creative sector micro, small and medium enterprises. About $1.14m will be dedicated to women-led startups in both sectors. The benefits of the program to Nigeria's economy are projected to be worth $6.4bn.


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