National Economic Council approves $617.7 million i-DICE scheme nationwide

The $617.7 million Investment in Digital and Creative Enterprises (i-DICE) plan has received approval from the National Economic Council (NEC) to be implemented in all 36 federation states as well as the Federal Capital Territory (FCT).

Vice President Kashim Shettima presided at the 140th National Executive Council meeting, where the endorsement took place, according to a statement from the Vice President’s spokesperson, Stanley Nkwocha.

Vice President Shettima gave state governors instructions to designate focal individuals to oversee the program’s execution in their individual states and to nominate representatives for each geographical zone at the zonal level during the virtual 140th meeting.  

The Vice President promised that the plan will be implemented diligently, resolutely, and openly throughout the country when it goes into effect in the upcoming weeks.

Sen. Shettima indicated in his opening remarks that the administration will make sure people take advantage of the opportunities that have been provided. He underlined how important it is to develop one’s skills and create jobs, in line with President Tinubu’s eight-point strategy that prioritizes providing Nigerians with respectable livelihoods.

He explained, “But two things are certain: first, we will never regret helping people acquire the skills necessary to compete in the global market; and second, since the economic environment of tomorrow will be shaped by the decisions we make today, it is our responsibility to make sure that all Nigerians inherit a legacy of prosperity and opportunity.”

“We can unleash the potential for innovation, job creation, and economic growth when we empower small business owners and entrepreneurs. We unlock the entrepreneurial spirit that resides inside every Nigerian by giving them access to funding, education, and mentorship programmes. This ignites a wave of economic prosperity that benefits all of us. Without diversity and fair access to opportunities, we cannot accomplish this. It is essential that we provide every underprivileged citizen with this ladder.”

The Vice President emphasized that in order to accomplish medium- and long-term policies, the government has moved from the debate stage to the implementation stage, actively pursuing short-term goals. 

Mr. Shekarau Omar, the Executive Director of the Bank of Industry responsible for SMEs, said during his presentation on the i-DICE project that it seeks to satisfy the Tinubu administration’s pledge to create millions of employment in the technology industry.

Mr. Omar went on to explain that the scheme is in line with the government’s plans to diversify the economy, generate more long-term job opportunities, and construct innovation centers and hubs for digital and creative incubation around the country. 

He listed some of the organizations that will fund the program, including the Islamic Development Bank, the French Development Agency (AFD), and the African Development Bank. He broke down the financing sources as follows: $170 million went to AfDB; $70 million went to IsDB; $116 million went to AFD; $45.50 million went to the Bank of Industry on behalf of the Federal Government of Nigeria (FGN); $8.70 million went to Fund Manager (for Equity Fund alone); and $205 million went to private investors.

In terms of the program’s impact, Mr. Omar predicted that 1,269,757 young people would obtain ICT skill training and certification, with at least 25,000 young people receiving training in each of the federation’s states and the Federal Capital Territory.

He emphasized that every state will create at least 100,000 new employment, and he calculated that i-DICE interventions would create roughly 5,581,231 indirect jobs.