New Update: $600 Million Funding For The IT and Creative Industries &#8211; Osinbajo

A $600 million program for young Nigerians in the technology and creative industries was introduced by Vice President Yemi Osinbajo, SAN, on Tuesday.

The initiative aims to support young entrepreneurs in Nigeria between the ages of 15 and 35 who are active in the beginning phases of innovative, creative, and technologically enabled companies.

Osinbajo claims that Nigeria’s technological sector, which includes no fewer than 180 startups, accounts for close to 30% of all funded initiatives in Africa.

Additionally, he exhorted African leaders in government and the organized private sector to do more to foster the spread of innovation across the continent.

The Vice President addressed the crowd at the State House Banquet Hall’s presidential launch of the Investing in Digital and Creative Businesses Programme, according to a statement from his Senior Special Assistant on Media and Publicity, Laolu Akande.

The announcement’s title is “$600 million for young Nigerians in technology and creative sectors ready as Osinbajo outlines initiative.”

Osinbajo stated, “It is now essential to launch a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programs that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent.”

Although the I-DICE effort will eliminate obstacles including financial availability and startup capacity limitations, the VP stated more needed to be done to scale up such programs.

However, Investors must offer more capital, and the government must do more to promote new and small enterprises. The Investing in Digital and Creative Businesses Plan is crucial because of this.

The entire fund is $618 million, of which the AFDB contributes $170 million, the Agence Française de Développement $116 million, and the Islamic Development Bank will contribute $70 million in co-financing. In essence, institutional and private investors are anticipated to contribute an additional $271m.

With the loans provided by the Bank of Industry to deserving start-ups, the Federal Government of Nigeria will also provide a counter contribution of $45 million.

In conclusion, Osinbajo praised the development partners for working with him and Dr. Akinwunmi Adesina, president of the African Development Bank, for his assistance in putting the plan into action.