Vice President Yemi Osinbajo recently announced that Nigeria’s technology ecosystem accounts for almost 30% of Africa’s funded ventures, with no fewer than 180 startups.
Osinbajo said this at the official inauguration of the Investment in Digital and Creative Enterprises (iDICE) Programme and unveiling of the iDICE logo on Tuesday at the State House Banquet Hall.
According to the vice president, the iDICE is a government initiative to promote innovation and entrepreneurship in the digital technology and creative industries, especially targeted at job creation.
In his statement, he said, “To further support these efforts, the government has launched an initiative known as Investment in Digital and Creative Enterprises (iDICE) Programme which will provide 618 million dollars towards funding qualifying startups. The African Development Bank (AFDB), the Agence Francaise de Développement (AFD), the Islamic Development Bank (ISDB), as well as the Federal Government, through loans from its counterpart contribution provided by the Bank of Industry, are all contributing funds to this program.”
Osinbajo also noted that private capital has usually been ahead of government effort in Nigeria’s technology ecosystem, which has consistently seen a rise in venture capital investments over the past few years.
The iDICE program is expected to create thousands of jobs across different sectors such as media production services, music streaming platforms, software development, the gaming industry, etc., thus providing much-needed employment opportunities for Nigerians while also boosting economic growth within the country. In addition, it will help promote creativity among young entrepreneurs who can now access capital more easily without having to worry about high interest rates or a lack of resources needed to start their own businesses or projects. Furthermore, it could potentially lead Nigeria into becoming one of Africa’s leading hubs for technological advancement if properly implemented over time with proper guidance from experienced professionals within this field.
Vice President Yemi Osinbajo’s announcement regarding Nigeria’s technology ecosystem should be seen positively due to its potential benefits for both economic growth and job creation within our nation. It remains important, however, that we ensure proper implementation so that Nigerian citizens may reap maximum benefit from such initiatives going forward.
