Nigeria will become the third most populous country in the world with a doubling of its population from some 210 million today to over 400 million by 2050 – 300 million of whom will be under 35 years old. However, high youth unemployment (43%) and underemployment (21%) undermine progress towards economic development, poverty reduction and social inclusion goals. Lack of jobs for the youth is also associated with rising social unrest. 

To address this, Nigeria must create at least 5 million new jobs every year, and its ICT and creative industries, that today contribute 15% and 8% to GDP respectively, are well placed to play a significant role. Investment in these sectors and revenues generated are increasing, and Nigeria has a competitive advantage with the largest telecom market in Africa. But development is hampered by inadequate infrastructure, skills, broadband access, regulations and policies, and tackling these issues is key to unlocking the clear potential. 

AfDB will support this through a $170 million contribution to the Digital and Creative Enterprises Program (i-DICE) program. 

i-DICE is a Federal Government of Nigeria program to promote investment in Information and Communications Technology (ICT) and Creative Industries to support the government’s employment generation agenda. Interventions aim to (i) harness Nigeria's youth talent pool and equip them with skills to increase their employability, (ii) foster innovation for the emergence of more entrepreneurs to create employment, and (iii) support the enactment of enabling regulatory frameworks and policies for new businesses and innovative ventures. The Program will generate and disseminate specific studies to address knowledge gaps in the technology and creative sectors and their advancement of gender equality, climate change adaptation and resilience.

It targets more than 68 million entrepreneurial young men and women (15-35 years old) in all 36 states, working in innovative, early-stage, technology-enabled start-ups and creative sector micro, small and medium sized enterprises, to be selected based on transparent criteria or competitive calls. A dedicated budget will nurture women led start-ups. The program also works with enterprise support organizations (ESOs) that include hubs, accelerators, venture capital and private equity firms, federal, state and private universities and polytechnics, federal ministries and agencies. 

It uses a systemic, cross sectoral, private sector development approach focused on programmatic interventions and catalytic investments, achieving scale through effective and wide ranging partnerships. The i-DICE program builds on other AfDB-financed operations to address constraints and help to develop the environment where start-ups, early growth and high impact businesses can thrive and flourish.

• Feasibility studies and assessment of job opportunities in adaptation that are to be carried out in Bank’s operations;  
• Feasibility studies to assess integration of adaptation and mitigation measures for the sustainability of “adaptation jobs;Quality assurance and advisory services for results and evidence-based planning, management and M&E of interventions of the i-DICE programme;

• US$1.14 million dedicated to female-led start-ups.
• US$216.7 million made available to technology and creative businesses.
• US$10.4 million to reduce greenhouse gas emissions and vulnerability to climate change.
• US$433.3 million in capitalization reached through the participation of various types of investors. 
• US$331.7 for investments in technology and creative start-ups.

• 849,970 direct and indirect jobs created (77,270 direct and 772,700 indirect).
• 175,000 (50% female) youth trained/certified in basic, intermediate, and advanced ICT skills. 
• 77,110 (44% female) youth with new skills to secure employment or create their own businesses.
• 250 (50% female) unemployed post-graduate youth connected to start-ups to enhance their skills.
• 226 innovative technology and creative start-ups to have received catalytic financing.
• 270 (44% female) start-ups supported with access business development services. 
• 451 digital technology and creative start-ups/MSMEs to have received non-financial services.
• Capacity of 75 enterprise support organizations (ESOs)  strengthened to better support start-ups. 
• 4 national data centres or sandbox infrastructure upscaled.

• Enabling regulatory environment developed and implemented. 
• 6.1 million jobs created, directly and indirectly, most of which will benefit the youth.
• Nigeria’s venture capital market development boosted.
• Solar energy solutions developed for digital technology incubation.
• Centres of Excellence established in universities and polytechnics.
• Greenhouse gas emissions reduced by 10.6tCO2e per annum. 
• Economic and financial benefits to the Nigerian economy estimated at US$6.4 billion.