aking. They need to be innovative and create an enabling environment that includes infrastructure and de-risking to harness private sector investments in key growth sectors,\u201d said African Development Bank President Akinwumi A. Adesina.<\/p>\n\n\n\n
Given that tech-enabled enterprises cut across all the economic growth sectors, the program\u2019s focus on the digital sector will deepen Nigeria\u2019s job creation efforts<\/p><\/blockquote>\n\n\n\n
The investment in Digital and Creative Enterprises Program will also support the leaders through enterprise support organizations \u2013 groups that support, train, and sometimes fund entrepreneurs \u2013 including innovation hubs, accelerators, venture capital and private equity firms. Bank financing of i-DICE will help the Government initiative further consolidate Nigeria\u2019s position as Africa\u2019s leading start-up investment destination and as a youth entrepreneurship hub.<\/p>\n\n\n\n
\u201cThis program is among the latest series of our operations meant to bolster the implementation of the Bank\u2019s Jobs for Youth in Africa Strategy. Given that tech-enabled enterprises cut across all the economic growth sectors, the program\u2019s focus on the digital sector will deepen Nigeria\u2019s job creation efforts,\u201d said Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.<\/p>\n\n\n\n
The initiative will stimulate investments in 226 technology and creative start-ups and provide non-financial services to 451 digital technology and small and medium enterprises. The program is expected to create 6.1 million direct and indirect jobs, of which the Bank\u2019s financing will support the creation of about 850,000 jobs. The value added to the Nigerian economy connected to the program is estimated at $6.4 billion.<\/p>\n\n\n\n
The program will boost Nigeria\u2019s venture capital market through independently managed funds focusing on digital and creative enterprise. These funds aim to attract an initial capitalization of $433 million in private and public sector financing.<\/p>\n\n\n\n
\u201cThis program will generate significant economic benefits to Nigeria,\u201d said Lamin Barrow, Director General of the Bank\u2019s Nigeria Country Department. \u201cThe program interventions will help respond to the challenges of youth employment in Nigeria, which could intensify without scalable interventions. I want to recognize the strong country ownership, under the leadership of Vice President Osinbajo,\u201d he added.<\/p>\n\n\n\n
The African Development Bank\u2019s active portfolio in Nigeria comprises 57 operations across 30 public and 27 private sector operations, valued at about $4.61 billion. The i-DICE Program aligns well with the Bank\u2019s strategic priority areas, better known as the High 5s \u2013 specifically, \u201cIndustrialize Africa,\u201d \u201cImprove the quality of life for the people of Africa,\u201d and \u201cFeed Africa.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
aking. They need to be innovative and create an enabling environment that includes infrastructure and de-risking to harness private sector investments in key growth sectors,\u201d said African Development Bank President Akinwumi A. Adesina. Given that tech-enabled enterprises cut across all the economic growth sectors, the program\u2019s focus on the digital sector will deepen Nigeria\u2019s job […]<\/p>\n","protected":false},"author":1,"featured_media":6480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/6479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=6479"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/6479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/6480"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=6479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=6479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=6479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}