The federal government has inaugurated a technical committee to kickstart the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) Program.
The Vice-President, Kashim Shettima, who inaugurated the committee in Abuja on Wednesday, expressed optimism that would redefine the nation’s digital and creative landscape.
I-DICE Programme, 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), aims to nurture and empower enterprises in the digital and creative sectors.
The National Economic Council (NEC) had, at its last meeting in March, endorsed the implementation of the program in the 36 States of the federation and the Federal Capital Territory (FCT).
Recommended reading: National Economic Council approves $617.7 million i-DICE programme nationwide
Dawn of a new era
The Vice-President, who described the development as the dawn of a new era in Nigeria, revealed that the Ministry of Finance had been mandated to ensure the expeditious disbursement of funds for the iDICE Programme. This, according to him, will pave the way for its swift implementation.
- “We’ll embark on a journey of innovation, collaboration, and boundless opportunities. A journey that holds the power to redefine the trajectory of our nation’s digital and creative landscape,” he said
Shettima highlighted the significance of the partnerships forged with institutions, describing them as a “convergence of vision and purpose” in pursuit of shared prosperity.
He commended the meticulous preparations undertaken by the Ministry of Finance and partners, affirming the program’s readiness to unleash its full potential.
- “With every condition met, we stand poised to unleash the full force of i-DICE upon the world,” the VP added.
He applauded the accomplishments of members of the program coordination Unit, over the past year, including its establishment, procurement of fund managers, and engagement with ecosystem stakeholders.
Financial backing
Earlier, Chairman of the Technical Committee on the I-DICE program, Mr Tope Fasua, noted that i-DICE’s substantial financial backing underscored the program’s potential to drive transformative change in Nigeria’s digital and creative sectors.
Fasua, who is also the Special Adviser to the President on Economic Matters, (Office of the Vice-President), disclosed that the selection of fund managers for the program was being conducted through an open and transparent process.
According to him, the process is guided by the African Development Bank (AfDB) to ensure that the best-qualified firms are entrusted with managing the program’s financial resources.
He said AfDB had completed all necessary documentation and was 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 program’s implementation,” he said.
Fasua expressed gratitude to President Bola Tinubu for the opportunity to serve, contribute and impact society and the nation’s human capital and economic development.