Nigeria, France Sign $600m I-DICE financial partnership agreement

Nigeria and France have signed an agreement worth about $600m under the investment in digital and creative enterprise, I-DICE in Abuja.

The programme, is an initiative of the Federal Government of Nigeria, which is aimed at promoting entrepreneurship and innovation in the digital technology and creative industry.

The Vice President, Kashim Shettima who welcome the collaboration with the French government to move the technological advancement of the country for the benefit of Nigerian ecosystem.

Represented by the Minister of Communication, innovative and Digital Economy, Bosun Tijjani said this funding from the AFD for the I-DICE programme is testament to France’s historical commitment to the growth of startups which is evidenced by its position as a leading startup destination in Europe.

During the signing ceremony, both Ms. Catherine Colonna, the French Minister of Foreign Affairs emphasized that the program would have a positive impact on young Nigerians and contribute to the creation of sustainable employment opportunities.

“Those digital technology and creative industries have indeed enormous potential to create jobs and spur economic growth in Nigeria.

Ms. Catherine Colonna, the French Minister of Foreign Affairs, said that overall, the program is expected to include about 2 million youth in the training sessions of which 40% are women and to create more than 65 000 start-ups, 150 000 direct jobs in the technology and creative industries sectors and approximately 1.3 million indirect jobs.

“And we are very pleased that the French Agency for Development is stepping into these sectors, enabling us to scale up significantly our actions through the I-DICE program,” Colonna said.

The French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (IsDB) and the Bank of Industry (BOl) joined forces to provide the financing.

Of the $600 million value of I-DICE, the AFD is contributing €100 million (equivalent to $116 million).

The program will also receive funding and support from the private sector and institutional investors. The Bank of Industry, as the Implementing Agency, will coordinate the day-to-day activities of the project.

Ms. Colonna highlighted France’s commitment to support youth, vocational training, cultural and creative industries as strong drivers of the national economy.

She added that, “Digital technology and creative industries have indeed enormous potential to create jobs and spur economic growth in Nigeria. In this context, [President Macron] reaffirmed his commitment for cooperation in these digital and creative industries with the launch of the African CCI forum that was just held last month in presence of an important Nigerian Delegation.”