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Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors - Politics - Nairaland

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Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by TheRareGem1(f): 7:23am On Mar 15, 2023
Vice President launches i-DICE scheme

• Adesina: it’s time to create youth-based wealth for Nigeria


Vice President Yemi Osinbajo yesterday launched a $618 million programme for young Nigerians in the technology and creative sectors.

He urged governments across Africa and the private sector to render more support for the growth of innovation in the continent.

Osinbajo spoke at the presidential launch of the Investment in Digital and Creative Enterprises (i-DICE) programme held at the State House Banquet Hall in Abuja.

i-DICE, which is an initiative of the Federal Government of Nigeria to promote entrepreneurship and innovation in the digital technology and creative industries to create jobs, especially for young people, is supported by the African Development Bank (AfDB), the Agence Francaise de Developpement (AFD) and the Islamic Development Bank (IsDB) with the Bank of Industry (BoI) designated as executing agency.

A statement yesterday in Abuja by the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President, Mr. Laolu Akande, said the programme would support young Nigerians, ranging from ages 15 to 35 who are entrepreneurs and involved in early stages in creative, innovative and technology-enabled ventures.

“I think it is now imperative to begin a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent,” Osinbajo said in his keynote address at the event.

Under i-DICE, constraints, such as access to capital, and capacity limitation of start-ups would be effectively addressed.

But the Vice President said more still needs to be done to scale up such programmes.

He said: “The government must provide more support for startups and small businesses, and investors must provide more funding. This is why the Investment in Digital and Creative Enterprises Programme is important.”

i-DICE is supported by funding from the AfDB -$170 million; the Islamic Development Bank (IsDB) – N70 million and the Agence Française de Développement – $116 million.

There is also Federal Government of Nigeria’s counterpart contribution of $45 million through the BoI loans for qualifying start-ups.

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

Lauding the efforts of the development partners, 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”.

He explained that “the total fund is $618 million, out of which the AfDB provides $170 million, the Agence Francaise de Development $116 million, and the Islamic Development Bank will provide $70 million in co-financing”.

Another $271 million is expected from the private sector and institutional investors, he said.

Also, President of Africa Development Bank (AfDB) Group, Dr. Akinwumi Adesina, has said it is time to create youth-based wealth that will support a more inclusive Nigerian economy.

Adesina spoke at the presidential inauguration of the Investment in Digital and Creative Enterprises (i-DICE) programme yesterday in Abuja.

The AfDB president said the initiative was timely, strategic, and transformative and would build the ecosystems to support more competitive entrepreneurs powered by digital technologies.

“Yes, we gather to inaugurate the initiative, but what we are really inaugurating is more than it. We are inaugurating hope for the youth.

“We are inaugurating platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are inaugurating the creation of millions of jobs.

“We are retooling Nigeria to compete more in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth,” he said.

The AfDB president noted that what Nigeria does with its youthful population would determine its future.

“It is time to create youth-based wealth for Nigeria. Youth-based wealth will rapidly expand the creation of jobs, expand the fiscal space with new sources of taxes, and support a more inclusive Nigerian economy, now and well into the future.

“That is why, shortly after I was elected AfDB president, we inaugurated the Jobs for Youth in Africa strategy.

“We expect that the programme will create 25 million new jobs by 2026, focusing on practical and high-impact solutions,” he said.

Adesina said the future is here, and every aspect of life is digitally transformed.

When you think digital, think global, he said.

The AfDB president said based on estimates, the digital global health size of Africa would expand from $217 billion in 2022 to more than $1 trillion by 2031, an incredible growth.

“The size of Africa’s digital economy will rise from $115 billion today to $712 billion by 2050.

“And most of this growth is already driven by four countries: Nigeria, South Africa, Kenya, and Egypt,” he said.

Adesina said several factors, including the rapid growth in the youth population, drove the expansion of the digital economy.

The AfDB president said these digital trends hold great promise to help create massive jobs.

“For example, estimates by Endeavor (2022) show that expanding digital infrastructure by 10 per cent will lead to a 2.5 per cent annual growth in Gross Domestic Product (GDP) in Africa.

“Furthermore, expanding access to the internet in Africa, from the current 33 per cent to 75 per cent, can help create 44 million jobs, including 3 million jobs in online services by 2025,” he said.

The continental bank’s boss said Nigeria was already witnessing the power of digital technologies, tools, and platforms.

According to him, Nigeria currently has five out of the 11 digital companies that have reached the status of unicorn with market valuation of one billion dollars.

He listed the companies to include Jumia, Interswitch, Opay, Flutterwave and Andela, mainly in fintech.

Adesina said Nigeria’s poor and fragmented cargo transport system was gradually transforming, thanks to Kobo 360, a digital logistics platform.

He noted that despite its growth, the country had not fully tapped into and unleashed the power of its creative industry.

“The i-DICE programme will help to fill some of these critical gaps. By supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure and expanding access to finance,” Adesina said.

The AfDB boss said the bank was pleased to partner the Federal Government of Nigeria on the $618 million i-DICE programme.

According to him, AfDB is providing $170 million in financing to the programme.

“I am delighted that we have been able to mobilise additional co-financing of $217 million towards the programme.

“I wish to thank our partners, the Agence Francaise de Developpement (AFD), which is providing $100 million, and the Islamic Development Bank, which is providing $70 million.

“I also thank the Bank of Industry and the Federal Government of Nigeria for providing $45 million in counterpart funding.

“Through the independent fund managers for i-DICE, the programme will raise an additional capital of between 131 million dollars and 262 million dollars,” he said.

Reiterating some of the bank’s initiatives, Adesina said it would soon roll out Youth Entrepreneurship Investment Banks.
https://thenationonlineng.net/fed-govt-reserves-618m-for-youths-in-tech-creative-sectors-says-osinbajo/

9 Likes 3 Shares

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by TheRareGem1(f): 7:25am On Mar 15, 2023
This is a big opportunity for youths who are in tech. Don't say it's for who know who or some sort. Take this advantage. Afdf is collaborating with FG on this

13 Likes 3 Shares

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by sulakishop(m): 7:26am On Mar 15, 2023
Good development; provided that the right candidates have access to it and not nepotism

15 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by 40Bullets: 7:34am On Mar 15, 2023
I don't have time to read all the over lengthy post.

Just leave the money for a trustworthy President Peter Obi.He will use it well.

We don't want another Tradermoni.
8 years of Waste.

For now
Ellu P top to bottom

42 Likes 3 Shares

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by accordadoga24(f): 7:42am On Mar 15, 2023
God bless Nigeria ..
God Bless ASIWAJU BOLA TINUBU…
God bless all the genuine lovers of Nigeria..God punish Obiidense Igbos…
Nigeria will be great again…

15 Likes 1 Share

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by MetroLane: 7:42am On Mar 15, 2023
You left $618m in reserve for the Youths, yet your untrained Policemen won't stop harassing the Tech Guys just because they were seen with a laptop.

59 Likes 8 Shares

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by FalseProphet1(m): 7:42am On Mar 15, 2023
Audio money. Know this and have peace.

This I have seen.

44 Likes 1 Share

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by DropsMic(m): 7:42am On Mar 15, 2023
If you believe this, you’ll believe anything

36 Likes 1 Share

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by inoki247: 7:43am On Mar 15, 2023
Lol you people don forget say campaign don finish abi ur tenure is about to expire....

11 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Chibuzoc(m): 7:43am On Mar 15, 2023
cool another scam like the naira redesign policy. 9ja govt are the real fraudsters

12 Likes 3 Shares

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by pejuakinab: 7:43am On Mar 15, 2023
O ya yin
Meaning: Na now dem wake up.

All thanks to the Obidients for changing the political orientation and the political strategy of our old politicians.
It won't be business as usual anymore.
The youths now have a voice!

2 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by appini: 7:43am On Mar 15, 2023
Audio reservation grin

10 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Nobody: 7:43am On Mar 15, 2023
40Bullets:
I don't have time to read all the over lengthy post.

Just leave the money for a trustworthy President Peter Obi.He will use it well.

We don't want another Tradermoni.
8 years of Waste.

For now
Ellu P top to bottom

Peter Obi is not going to become President of Nigeria , not now, not by May 29th.

Tinubu won the election. As harsh as it sounds, that is the reality. Nigerians don't want change. ....or rather they wanted change, but the vote for change was split between three parties because Atiku, Obi , Kwakwaso and Wike could not calm down and come to some sort of compromise.

Better prepare your minds for 2027....when hopefully, the opposition would have gotten its act together.

And even if by some miracle, Obi became President, he still has to face a house and senate that is APC dominated. And that will show him pepper well well.

6 Likes 1 Share

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Encyclopedia1: 7:43am On Mar 15, 2023
All na scam. Thieves everywhere.

7 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Chibuzoc(m): 7:43am On Mar 15, 2023
Reserved till when

1 Like

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by NotChildofDoom: 7:44am On Mar 15, 2023
How to apply?

2 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by CallmeTrinity: 7:45am On Mar 15, 2023
NA THUNDER GO FIRE YOU AND YOUR GENERATION. USELESS PEOPLE.

YOU DIDNT DO ANYTHING TANGIBLE SINCE NA TO TALK RUBBISH

ABI YOU WAN MAKE OGUN KILL YOUR MAMA NI

11 Likes 1 Share

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by ShaqFu: 7:45am On Mar 15, 2023
Disstroy.
Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Moh247: 7:46am On Mar 15, 2023
cool


From TraderMoni in 2019 to CashlessMoni in 2023

Buhari and Emeifailure must have boycotted Vice President and Chiarman of the National Economic Council on the Naira confiscation policy



.

1 Like

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by AntiChristian: 7:46am On Mar 15, 2023
My VP
Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by omowolewa: 7:47am On Mar 15, 2023
Reserves again.

With their CBN friend

1 Like

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Toosure70: 7:48am On Mar 15, 2023
Just 2.months to go Abi?
Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by everythinggirly(f): 7:49am On Mar 15, 2023
We need evidence from the tech youths angry

3 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Princeton92(m): 7:49am On Mar 15, 2023
And Una never try to pay World Bank even if na $500m to reduce our debts

1 Like

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Nasir123(m): 7:50am On Mar 15, 2023
FG should release our money for us and stop this foolish, wicked and confused play.
Mumu people

Buhari! So unfortunate!

3 Likes

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Nice123(m): 7:50am On Mar 15, 2023
Last dance!
Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by EKONGKING: 7:51am On Mar 15, 2023
This government has no direction.
Let's hope Tinubu will put all the past governments to shame by performing.

1 Like

Re: Osinbajo: FG Has Reserved $618m For Youths In Tech, Creative Sectors by Zico5(m): 7:51am On Mar 15, 2023
Set of ignoramus. They are still on this their scope. I don't blame them but I blame the youths that still believe in their gimmick. Their days are numbered. They should just stop nonsense and start packing their loads. Enough of all these lies.

6 Likes 1 Share

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