Thread by @NGRPresident

STATE HOUSE PRESS RELEASE

$600M FOR YOUNG NIGERIANS IN TECHNOLOGY, CREATIVE SECTORS READY AS OSINBAJO LAUNCHES SCHEME

*Funding by @AfDB_Group, @AFD_en, @isdb_group, @BOINigeria for young Nigerians ages 15-35

#Thread

Vice President @ProfOsinbajo today launched a $600 million programme for young Nigerians in the technology and creative sectors with a call on African governments and the private sector to do more to support the growth of innovation in the continent.
#iDICENigeria #AsoVillaToday

The Vice President spoke at the presidential launch of the Investment in Digital and Creative Enterprises (i-DICE) Programme, held at the State House Banquet Hall, Abuja.

The programme will support young Nigerians ranging from ages 15-35 who are entrepreneurs and involved in early stages in creative, innovative and technology-enabled ventures.

Vice President @ProfOsinbajo: “I think it is now imperative to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments..."
#iDICENigeria #AsoVillaToday

VP @ProfOsinbajo: "... and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent."
#iDICENigeria #GovtAtWorkNG

Under #iDICENigeria, constraints such as access to capital, and capacity limitation of Start-ups would be effectively addressed. But according to the Vice President, more needs to be done to scale up such programmes.

VP @ProfOsinbajo: "@NigeriaGov must provide more support for startups and small businesses, and investors must provide more funding. This is why the Investment in the Digital and Creative Enterprises Programme #iDICENigeria is important.”

i-DICE #iDICENigeria is supported by funding from @AfDB_Group - $170m, @isdb_group - $70m, and @AFD_en - $116m. There is also @NigeriaGov counterpart contribution of $45 million through @BOINigeria loans for qualifying start-ups.

Another $271m is expected from the private sector and institutional investors. #iDICENigeria

On behalf of the Nigerian government, the Vice President thanked the development partners for their collaboration.

The Vice President noted that the programme’s design “supports innovation across very critical pillars including policy, infrastructure, access to finance and talent. These pillars have been identified as very critical to the growth and sustenance of innovation on the continent.”

Similarly, VP @ProfOsinbajo observed that the launch of #iDICENigeria was a significant milestone by the Nigerian government in its continued efforts in harnessing the potential of its youth population and creating more jobs.

Beyond job creation, #iDICENigeria is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation,” the VP added.

Speaking about the @MBuhari administration’s efforts in supporting the growth in the tech and innovation sectors, VP @ProfOsinbajo noted that, “as a Government, we have consistently provided support to the innovation ecosystem over the last 8 years."

VP: "In 2018, we established the Technology and Creativity Advisory Group, bringing together stakeholders in the technology and creative industries, to contribute directly to policy formulation, articulation and the design of the technology and creative sectors of our economy.”

VP @ProfOsinbajo: “The Technology & Creativity Advisory Group has influenced various government policies for the growth of the economy. For instance, @FMoCDENigeria, working with @NITDANigeria has established a Center for Artificial Intelligence and Robotics @NCAIRNigeria."

Vice President @ProfOsinbajo: "@FMoCDENigeria has also led the coordination of our partnership with @Microsoft to increase Nigeria’s technology talent pipeline by training 5 million Nigerians in various technology skills."

The Vice President also recalled how President @MBuhari signed Nigeria’s Startup Bill into law, making it the Nigeria Startup Act @StartupActNg, and also highlighted the essence of collaboration between the private sector and government in scaling up such programmes.

He stated that there has been an influx of private capital which has enabled startups...

... “to expand operations and create new jobs while contributing significantly towards overall GDP growth of the country. There are of course thousands of startups that have used private funds or debt that goes unrecorded.” - VP @ProfOsinbajo

The VP referenced @DisruptAfrica's 2022 Tech Funding Report which indicated that “Nigeria was the best-funded country in Africa for the 2nd year running, with a minimum of 180 startups, making up approximately 30% of Africa’s funded ventures, raising approximately $1billion..."

"... - substantially ahead of all other countries on the continent on both counts.”

Vice President @ProfOsinbajo commended development partners for their support, and also thanked @AfDB_Group President, @akin_adesina, for his role in bringing #iDICENigeria to fruition.

On his part, the President of the African Development Bank, @akin_adesina commended @NigeriaGov's commitment to the actualization of the initiative...
#iDICENigeria

... particularly the leadership of VP @ProfOsinbajo in creating “the enabling environment for the development of start-ups, as well as positioning Nigeria as Africa’s leading digital technology centre.”

.@akin_adesina: “Today, I will thank you, my brother, the Vice President. You have been an amazing leader in our nation, you are a very focused and very determined person, as your time ends, may God continue to be with you and guide you in whatever lies ahead of you.”

@akin_adesina added that the i-DICE Programme is “timely, strategic, and transformative as it will build the ecosystems to support more competitive entrepreneurs powered by digital technologies."
#iDICENigeria

“That is why we like i-DICE: it is visionary, sees the future and prepares Nigeria for it. That future is here. Every aspect of life is being transformed digitally." - @akin_adesina

#iDICENigeria #InvestNigeria

Goodwill messages were delivered by the Ministers of Finance, Budget and National Planning, @ZShamsuna; Industry, Trade and Investment, @NiyiAdebayo_; @FmstNg, Sen. Adeleke Mamora; @FMICNigeria, Alhaji Lai Mohammed; ...

#iDICENigeria

... the representative of the Minister of @FMoCDENigeria; the French Ambassador to Nigeria, @eblatmann; and the representative of the Managing Director of @BOINigeria, Mr Olukayode Pitan.

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