Mohammed Momoh
Nigeria has inaugurated a technical committee to kick off the $617.7 million Investment in Digital and Creative Enterprises (iDICE) Programme.
Vice President Kashim Shettima hailed the development as the dawn of a new era in Nigeria.
The iDICE Programme is a collaborative effort between the government and international partners, including the Bank of Industry (BoI), African Development Bank (AfDB), French Development Agency (FDA) and Islamic Development Bank (IDB). I
It is aimed to nurture and empower enterprises in the digital and creative sectors.
The National Economic Council (NEC) had in its last meeting in March endorsed the implementation of the $617.7 million i-DICE programme in the 36 states of the federation and the FCT.
Speaking on Wednesday during the inauguration of the Technical Committee of the iDICE progarmme, the Vice President expressed optimism about the initiative’s potential to redefine the nation’s digital and creative landscape.
“We embark on a journey of innovation, collaboration, and boundless opportunity – a journey that holds the power to redefine the trajectory of our nation’s digital and creative landscape,” VP Shettima said
The Vice President revealed that the Ministry of Finance has been mandated to ensure the expeditious disbursement of funds for the iDICE Programme, paving the way for its swift implementation.
He highlighted the significance of the partnerships forged with institutions, describing them as a “convergence of vision and purpose” in pursuit of shared prosperity.
Shettima commended the meticulous preparations undertaken by the Ministry of Finance and partners, affirming the programme’s readiness to unleash its full potential.
“With every condition precedent met, we stand poised to unleash the full force of iDICE upon the world,” he said.
He applauded the accomplishments of the programme coordination Unit over the past year, including its establishment, procurement of fund managers, and engagement with ecosystem stakeholders, describing them as a testament to Nigeria’s indomitable spirit of innovation.
The iDICE Programme, according to him “represents a catalyst for transformation, a beacon of hope for future generations.”
Earlier, the Special Adviser to the President on Economic Matters (Office of The Vice President) and chairman of the Technical Committee on the iDICE programme, Tope Kolade Fasua, noted that iDICE’s substantial financial backing underscores the programme’s potential to drive transformative change in Nigeria’s digital and creative sectors.
“The selection of fund managers for the iDICE programme is being conducted through an open and transparent process, guided by the African Development Bank (AfDB). This approach aims to ensure that the best-qualified firms are entrusted with managing the programme’s financial resources,” he said.
According to Fasua, the AfDB has completed all necessary documentation and is ready to disburse funds, subject to agreed terms.
“Similarly, the French Development Agency (AFD) has signed the required documents, pending internal processes. The Islamic Development Bank (ISDB) is in the final stages, with one last document awaiting approval from the Ministry of Finance.
“With the groundwork laid, the committee anticipates the first drawdown of funds on April 15th, marking a significant milestone in the programme’s implementation,” he further noted.
Fasua expressed gratitude to President Bola Ahmed Tinubu for the opportunity to serve and contribute to societal impact and the nation’s human capital and economic development.