The African Development Bank (AfDB) has committed $614 million to Nigeria’s digital and creative industries in an ambitious move to foster youth entrepreneurship, strengthen the country’s non-oil economy, and generate millions of jobs.
At the 14th Convocation Lecture of the National Open University of Nigeria (NOUN), AfDB President Akinwumi Adesina unveiled the Investment in Digital and Creative Enterprises (I-DICE) programme, which is projected to generate $6.4 billion in economic impact and create over 6 million jobs.
“The I-DICE programme is a strategic initiative designed to enhance access to financing for small and medium-sized businesses within Nigeria’s digital and creative sectors,” Adesina explained.
The project, jointly financed by the AfDB, the French Development Agency (AFD), the Islamic Development Bank, and Nigeria’s Bank of Industry, stands as one of the largest coordinated investments in digital entrepreneurship on the continent. It focuses on youth-led businesses in key sectors such as fintech, software development, media, design, film, fashion, and e-commerce.
Nigeria is already home to one of Africa’s most vibrant startup ecosystems, with cities like Lagos and Abuja serving as central hubs for fintech, health tech, and creative startups.
Although Nigeria experienced a 22 percent year-on-year drop in the value of deals and a 28 percent decrease in deal volume, it still led Africa with 16 percent of the continent’s total $3.6 billion in Venture Capital (VC) deals in 2024, according to a report by the African Private Capital Association (AVCA).
Despite growing investor interest, challenges persist for many entrepreneurs, particularly regarding access to early-stage funding, skills development, and regulatory support.
Adesina noted, “While 15 million young people enter Africa’s labour market annually, only 3 million jobs are created. The rest are left behind. We must turn job seekers into job creators, and that is exactly what I-DICE is designed to do.”
Africa’s digital economy is expected to contribute $180 billion to the continent’s GDP by 2025 and $712 billion by 2050. AfDB’s focus on Nigeria, the fourth-largest economy and most populous nation in Africa, underscores the potential to scale digital and creative innovation across the region.
Adesina further explained that the programme would help address the growing “education-employment mismatch” by funding digital skills training, incubation hubs, and technical assistance for startups. Many African youths, he pointed out, graduate with degrees that do not align with market demands, particularly in fast-growing fields such as cloud computing, AI, and digital media.
The AfDB is complementing the I-DICE initiative with its broader Skills for Employability Action Plan, which has already allocated $682 million to skills development projects across Africa, with an additional $809 million planned for 2024/2025.
“Africa’s future will be driven by its youth and powered by innovation,” Adesina remarked. “Programs like I-DICE will unlock that potential and position Nigeria as a global leader in the digital economy.”
In a period marked by volatile oil revenues and high unemployment rates, the I-DICE programme signals a long-term pivot towards knowledge-based, inclusive growth. For Nigeria’s young entrepreneurs, it offers not only funding but also a route to formalisation, global exposure, and sustainable success.
