TRENDING the leaders through enterprise support organisations – groups that support , train , and sometimes fund entrepreneurs – including innovation hubs , accelerators , venture capital and private equity firms . Bank financing of i-DICE will help the government initiative further consolidate Nigeria ’ s position as Africa ’ s leading start-up investment destination and as a youth entrepreneurship hub .
“ This programme is among the latest series of our operations meant to bolster the implementation of the Bank ’ s Jobs for Youth in Africa Strategy . Given that tech-enabled enterprises cut across all the economic growth sectors , the program ’ s focus on the digital sector will deepen Nigeria ’ s job creation efforts ,” said Beth Dunford , Vice President , Agriculture , Human and Social Development , African Development Bank . The initiative will stimulate investments in 226 technology and creative start-ups and provide nonfinancial services to 451 digital technology and small
This programme is among the latest series of our operations meant to bolster the implementation of the bank ’ s Jobs for Youth in Africa Strategy . and medium enterprises . In addition , the scheme is expected to create 6.1 million direct and indirect jobs , of which the ADB ’ s financing will support the creation of about 850,000 jobs . The value added to the Nigerian economy connected to the programme is estimated at US $ 6.4 billion .
According to ADB , the programme will boost Nigeria ’ s venture capital market through independently managed funds focusing on digital and creative enterprise . These funds aim to attract an initial capitalisation of US $ 433 million in private and public sector financing .
“ This programme will generate significant economic benefits to Nigeria ,” said Lamin Barrow , Director General , ADB ’ s Nigeria Country Department . “ The programme interventions will help respond to the challenges of youth employment in Nigeria , which could intensify without scalable interventions . I want to recognise the strong country ownership , under the leadership of Vice President Osinbajo ,” he added .
The African Development Bank ’ s active portfolio in Nigeria comprises 57 operations across 30 public and 27 private sector operations , valued at about US $ 4.61 billion . The i-DICE Programme aligns well with the bank ’ s strategic priority areas , better known as the High Fives – specifically , “ Industrialise Africa , Improve the quality of life for the people of Africa and Feed Africa .” p
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