Key highlights
- iDICE is an initiative of the Federal Government of Nigeria to promote entrepreneurship and innovation in the digital technology and creative industries in the context of efforts to create jobs, especially for young people.
- The beneficiaries will cut across tech entrepreneurs in hardware, software, and technology-enabled companies. Others are those in the creative sector businesses across gaming, animation, content distribution (music, film), and social media among others.
- The program is expected to create over 6 million jobs (552,000 direct and 5,580,000 indirect), especially for young people.
Investment in Digital and Creative Enterprises (iDICE) is an initiative of the Federal Government of Nigeria to promote entrepreneurship and innovation in the digital technology and creative industries in the context of efforts to create jobs, especially for young people.
iDICE responds to specific gaps in Nigeria’s technology and creativity ecosystem and is designed to address constraints in these industries including access to risk capital and innovation ecosystem capacity challenges faced by startups.
The beneficiaries will cut across tech entrepreneurs in hardware, software, and technology-enabled companies. Others are those in the creative sector businesses across gaming, animation, content distribution (music, film), and social media among others.
The program cost is financed by the African development bank, the Islamic development bank, and the Bank of Industry (BOI).
Intervention areas
- Enterprise and Skills Development: To equip youths with skills and nurture talents to generate high-potential Start-ups; building a community of developers, software engineers, designers, thinkers, and tech talents and linking them to jobs in collaboration with selected Universities and Polytechnics, major technology companies, and other actors in the private sector. The Program will also support innovation in Artificial Intelligence and the Internet of Things to incentivize discovery, Incubation, and Acceleration, and nurturing Startups to be investable.
- Expanding Access to Finance: Promote funding and nurturing of Tech-enabled and Creative Sector Enterprises, including SMEs, to address existing funding gaps in Nigeria’s debt, private equity, and impact investment spaces.
- Enabling Environment and Institutional Support: Entails support to operationalize the National Start-up Act; Investment and export promotion activities for technology and creative businesses; Support for development of ICT national qualification framework; Revamping curricula and pedagogy for STEM and training for regulators.
Primary targets
iDICE targets Nigeria’s young women and men (15-35 years)
The individual should either be one of the following: Entrepreneurs in the early-stage growth technology-enabled ventures and creative sector micro, small and medium enterprises (MSMEs) as well as Enterprise Support Organizations (ESOs), including hubs, accelerators, venture capital, and private equity firms.
It also targets federal, private, and state universities and polytechnics and key federal ministries, departments, and agencies.
Benefits of program
The program is expected to create over 6 million jobs (552,000 direct and 5,580,000 indirect), especially for young people. Over 175,000 youths will be equipped with skills in digital technology and creative industries to foster innovation and support the emergence of more entrepreneurs.
In addition, 75 Enterprise Support Organizations, 226 creative enterprises, and 451 digital technology Startups will benefit from the Program.
Overall, the economic benefits to be generated from the iDICE Program to the Nigerian economy are estimated at $ 6.4 billion.
The program has a dedicated budget of US$1.14 million to nurture women-led startups in the technology and creative industries.
The direct beneficiaries of the program will be selected based on transparent selection criteria or competitive calls.
Digital skills iDICE will offer
iDICE will provide an opportunity for 175,000 youths to benefit from a variety of digital skills programs, including virtual, hybrid, and onsite training. The programs will range from basic to advanced digital literacy training, with a focus on emerging technologies like Artificial Intelligence, Gaming, Animation, and Robotics.
Selected universities, vocational centers, polytechnics, and hubs across Nigeria’s key regions will serve as onsite training centers.
How to Apply
To find out more and how to apply, check https://www.boi.ng/idice/ for updates.