The African Development Bank (AfDB) has revealed plans to disburse $618m for Nigeria’s digital and creative enterprise program.
Lamin Barrow, AfDB's Director-General for Nigeria, announced the development in Marrakesh, stating that the Federal government is in the process of recruiting a fund manager to boost investments in information technology and creative industries for sustainable job creation.
Barrow detailed the fund distribution, with Nigeria contributing $45m, AfDB $170m, Agence Francaise de Development $116m, and the Islamic Development Bank $70m. The project's phased implementation is attributed to 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.