Federal Government Launches Technical Committee For Investment In iDICE Program

The federal government on Wednesday launched a technical committee to commence the Investment in Digital and Creative Enterprises (iDICE) Program.

Speaking on Wednesday during the inauguration of the Technical Committee of the iDICE program, Vice President Kashim Shettima praised the initiative as the beginning of a new era in Nigeria.

The iDICE Program is a joint initiative between the government and international partners, such as the Bank of Industry (BoI), the African Development Bank (AfDB), the French Development Agency (FDA) and the Islamic Development Bank (IDB).

The program reportedly aims at supporting and empowering enterprises within the digital and creative sectors. The National Economic Council (NEC) last month approved the implementation of the $617.7 million iDICE program across all 36 states of the federation and the Federal Capital Territory (FCT).

"We embark on a journey of innovation, collaboration, and boundless opportunity – a journey that holds the power to redefine the trajectory of our nation's digital and creative landscape," the vice president said, as per the official statement.

The vice president disclosed that the Ministry of Finance has been tasked with expediting the disbursement of funds for the iDICE Program, facilitating its immediate implementation.

He emphasized the importance of the partnerships established with institutions, characterizing them as a "convergence of vision and purpose" aimed at achieving shared prosperity.

Shettima commended the preparations made by the Ministry of Finance and partners, pointing out the program's readiness to unleash its full potential.

"With every condition precedent met, we stand poised to unleash the full force of iDICE upon the world," he added. According to the vice president, the iDICE program "represents a catalyst for transformation, a beacon of hope for future generations."

The Special Adviser to the President on Economic Matters (Office of The Vice President) and chairman of the Technical Committee on the iDICE program Tope Kolade Fasua noted the potential of the program to change Nigeria's digital and creative sectors.

"The selection of fund managers for the iDICE program is being conducted through an open and transparent process, guided by the African Development Bank (AfDB). This approach aims to ensure that the best-qualified firms are entrusted with managing the program's financial resources," he said.

Fasua also shared that all necessary documentation of AfDB was completed and was ready to disburse funds. Furthermore, he also shared that the French Development Agency has signed the required documents, noting that internal processes are pending.