AfDB to boost Nigeria’s creative industry with $618m

The African Development Bank has said that arrangements are in the pipeline to disburse $618m for the implementation of Nigeria’s investment in digital and creative enterprise programme.

AfDB’s country Director-General for Nigeria, Lamin Barrow made the disclosure on Sunday in an interview with the News Agency of Nigeria in Marrakesh, Morocco.

According to him, the Federal government was in the process of recruiting a fund manager for the project.

Last month, the Federal Government announced the launch of a $617.7m investment through the i-DICE programme.

The i-DICE is a Federal Government programme geared towards promoting investment in information and communications technology and creative industries, as part of efforts to build better, inclusive, and sustainable jobs.

Barrow said of the $618m fund, $45m would come from Nigeria through the Bank of Industry.

The AfDB is expected to contribute $170m while Agence Francaise de Development will contribute $116m and the Islamic Development Bank will invest $70m.

Barrow said the implementation of the project was staggered because of Nigeria’s government transition.

“We were caught up by the transition of government and you have to allow the new government to settle in.

“The steering committee, chaired by the vice-president with membership from the ministries of finance, trade and investments, communication, science and technology, information and culture, met and received a briefing,” he said.

Barrow said talks were already at an advanced stage, including advanced meetings on the first disbursement.

“Last week, the French minister that visited Nigeria signed the agreement for the co-financing as DICE is being co-financed by the French Development Agency and the Islamic Development Bank. All the processes are now virtually completed,” the AfDB country director-general said.