The Minister for Europe and Foreign Affairs of France, Catherine Colonnade, has expressed her belief that the Investment in Digital and Creative Enterprises (I-DICE) program of the Nigerian government has the potential to create 65,000 startups within the country.
Colonnade made this statement on Friday during the signing of an agreement between the Nigerian and French governments regarding the program.
The bilateral agreement was signed at the Ministry of Foreign Affairs in Abuja, with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and Catherine Colonnade signing on behalf of their respective countries. The agreement was also witnessed by Bosun Tijani, the Minister of Communications, who represented the Vice President of Nigeria, Kashim Shettima.
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Enormous Potential for Job Creation
Catherine Colonnade emphasised that the I-DICE program has the capacity to generate significant employment opportunities. Alongside the creation of 65,000 startups, the program aims to deliver 150,000 direct jobs in the technology and creative industries sectors, along with approximately 1.3 million indirect jobs. The impact of the program is expected to be extensive, reaching both emerging entrepreneurs and established industries.
Funding and Partnerships
The I-DICE program receives its financial support from various sources, including the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (ISDB), and the Bank of Industry (BOI).
The total value of the I-DICE program exceeds $600 million, with the AFD contributing 100 million euros, equivalent to approximately $116 million. The program represents a cooperative effort between the governments of France and Nigeria, as well as private sector partners and institutional investors. The Bank of Industry has been designated as the Implementing Agency for the program, responsible for coordinating its day-to-day activities.
Minister’s Perspective on the I-DICE Program
Minister Yusuf Tuggar explained that the I-DICE program is deeply focused on creating employment opportunities for young Nigerians and fostering innovation in the digital technology and creative industry sectors. He described the program as an initiative of the Federal Government of Nigeria, overseen by the Office of the Vice President, with the aim of promoting entrepreneurship and innovation.
In addition to job creation, the program also intends to provide training to two million young people, empowering them to establish their entrepreneurial ecosystems and gain access to financing to launch innovative businesses and startups. These initiatives are part of a broader effort to stimulate economic growth and foster the application of technology across various sectors. The signing of the Financing Agreement between the AFD and the Federal Government signals France’s commitment to supporting startups and promoting technological advancements in Nigeria.
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Expert Concerns and Clarification
While the I-DICE program holds significant promise, there are concerns regarding its capacity to generate 65,000 startups, as pointed out by business analyst Prof. Ndubuisi Ekekwe. In an article on Tekedia.
He emphasised the importance of distinguishing between startups and small businesses, noting that startups are characterised by rapid growth and scalability, whereas small businesses may remain relatively stable over time. Ekekwe suggested that the I-DICE program may be more suited to creating small businesses rather than true startups. Nonetheless, the collaboration between France and Nigeria offers substantial opportunities to empower the youth and drive economic development within the region.
The I-DICE program represents a significant step forward in promoting innovation and entrepreneurship in Nigeria. While challenges remain in achieving the ambitious startup targets, the collaboration between the two nations and the commitment to empowering young Nigerians in the digital and creative industries are essential for promoting economic growth and sustainability in the country.
