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Nigeria Unveils $618m Investment to Create Digital Skills, Jobs
Nigeria has unveiled a $618 million investment programme, to promote innovation and entrepreneurship in the digital, technology and creative industries targeted at job creation.
Nigeria vice president, Prof. Yemi Osinbajo, who presided over the launch of the Investment in Digital and Creative Enterprises (I-DICE) programme, revealed the project culminated from his conversation with Dr. Akinwunmi Adesina, president of African Development Bank (AfDB), in South Africa five years ago.
Osinbajo said: “What you may not have been told is the incredible effort that Dr. Akinwunmi Adesina, President of AfDB put into this to make it happen. The thinking came from a discussion he and I had in 2018 on how to leverage technology and industry for jobs for young people. He told me at the time that the AfDB was already thinking along the lines of committing some funding to some iteration of the idea.”
Fast-forward to Tuesday, the i-DICE programme was unveiled, aimed at upscaling entrepreneurship and innovation in digital technologies and creative industries.
“The fruit of that discussion and the hard work of many is what we witness here today. The fund as we were told is $618 million, out of which the AfDB provides $170 million, the Agence Française de Développement provides $100 million and the Islamic Development Bank will provide $70 million in co-financing,” said Osinbajo.
“The Bank of Industry, representing the federal government, will provide $45 million as a counterpart contribution, to be availed through loans for qualifying start-ups. And as we heard from the President of AfDB, we expect, by leveraging this fund, another maybe $271 million from the private sector and institutional investors.”
The I-DICE programme is anticipated to help to fill critical gaps in Nigeria by supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure, as well as access to finance.
Turning point
Adesina said the I-DICE programme is set to be ‘a real game changer’ in Nigeria.
“It will help to create 6.1 million direct and indirect jobs and equip more than 175 000 young people with the technology and creative skills needed to drive innovation and foster entrepreneurship.
“To start with, I-DICE will support 451 digital technology start-ups, 226 creative enterprises and 75 enterprise support organisations. The benefits of the programme to Nigeria’s economy are projected to be worth $6.4 billion,” he said.
“Yes, we gather to launch the initiative, but what we are really launching is more than this. We are launching hope for the youth. We are launching platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are launching the creation of millions of jobs.
“We are retooling Nigeria to be more competitive in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth.”
Adesina said the size of Africa’s digital economy will rise from $115 billion today to $712 billion by 2050, hence the need to prepare young people.
“Most of this growth is already being driven by four countries, Nigeria, South Africa, Kenya, and Egypt,” he said.
“We are already witnessing in Nigeria the power of digital technologies, tools and platforms. Nigeria currently has five out of the 11 digital companies that have reached the status of unicorn, with a market valuation exceeding $1 billion. Names that come to mind include Jumia, Interswitch, Opay, Flutterwave and Andela, mainly in the fintech space.”
Further, Adesina said the AfDB is ‘making great strides’ in empowering youth on the continent.
From 2016 to 2021, he said, the ADB supported the creation of over 12 million jobs, 3.1 million of which were direct and nine million indirect.
He explained: “This has been made possible through our high employment impact operations and special initiatives in key sectors such as agriculture, infrastructure, energy, and financial sectors, as well as in the digital and creative industries.
“Additionally, the Bank’s Coding for Employment programme has provided onsite centres and digital training platforms that have equipped 23 200 youth from 45 countries with the skills needed to succeed in the digital job market.
“We have invested $2 billion in 37 tech projects to improve national and regional broadband infrastructure, foster private investment, and support digital enterprises.”
Looking ahead, Adesina said: “The African Development Bank is currently designing and will soon roll out youth entrepreneurship investment banks, new financial institutions that will build robust financial ecosystems around the businesses of young people across Africa.”
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TEDxPAU 2024: Exploring New Possibilities and Shaping Tomorrow
TEDxPAU 2024 brought together some of the brightest minds and boldest voices on November 16th at the Honeywell Auditorium, Lagos Business School. With over 500 attendees eager to explore new possibilities, the event’s theme, ‘Shaping the Future,’ set the tone for a day filled with inspiration, reflection, and transformative ideas.
The day opened with a TED talk by TED founder Chris Anderson, followed by welcome remarks from the Vice-Chancellor of Pan-Atlantic University, Prof. Enase Okonedo. She encouraged the audience to embrace the theme, saying, “The future is now, and it is up to all of us to join hands to shape tomorrow.”
The sessions featured inspiring talks from visionaries like Akose Enebeli, who emphasized sustainable urban living by “building upwards instead of outwards,” and Goodnews Igwe, who stressed that creating value is key to success.
Temitope Runsewe championed Africa’s family values as a foundation for economic recovery, describing family businesses as “the future of Nigeria.” Prof. Fabian Ajogwu, SAN, advocated for affordable education to drive literacy and digital skills, while Michael Oluwagbemi sparked intrigue with his bold statement that “CNG is the new garri,” promoting energy innovation.
Ziad Maalouf shared leadership insights, underscoring personal growth as the key to scaling success.
Adesuwa Ifedi, Senior Vice President at Heifer International, spoke about the significance of scaling innovation from the inside out, urging organizations to embrace change-driven solutions. Dr. Peter Bamkole, Deputy Vice Chancellor of PAU, described entrepreneurship as “a catalyst for systemic change,” calling for the transformation of problems into solutions with far-reaching impact.
Dr. Cosmas Maduka, who shared his journey from adversity to global success, inspired the audience to embrace their gifts and believe in limitless possibilities.
The event ended with a fireside chat between TEDxPAU organizer Bella Victor and Dr. Maduka, who spoke about the importance of legacy and purpose. He encouraged attendees to see themselves as part of Nigeria’s solution and to embrace both the challenges and triumphs of the country’s journey.
Beyond the talks, TEDxPAU 2024 captivated attendees with musical performances, a spoken word piece, and a high-energy dance performance by different talents from the university.
The event also recognized its sponsors and volunteers, thanking them for their critical role in making the day a success.
In his closing remarks, Bella Victor expressed heartfelt gratitude, stating: “TEDxPAU was founded with the goal of giving back to this incredible school and creating a 360-degree impact—supporting our students, raising awareness for our school, and giving innovators a platform to reach a global audience. It’s inspiring to see how this event has grown and how each of you have played a part in that mission today. I thank our speakers, sponsors, volunteers, and every attendee who believed in this vision. Together, we are shaping the future.”
Attendees also enjoyed networking opportunities during breaks, sponsor exhibitions, and a private lunch for VIP ticket holders, who engaged in deeper conversations with the speakers about shaping tomorrow.
TEDxPAU 2024 once again reaffirmed its commitment to “ideas worth spreading” and left attendees inspired to take action. For recordings of the event and updates on future editions, stay tuned.
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Head of Civil Service Celebrates 100 Days in Office with the Launch of Galaxy Backbone’s “Govmail”
In a landmark moment for Nigeria’s public service, the Head of Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, OON, MINI, today marked her 100 days in office and officially launched three digital services platforms for the Civil Service.
These include, Govmail, ServiceWise GPT and the Federal Civil Service Online Portal. These platforms, underscore President Bola Ahmed Tinubu’s administration’s commitment to enhancing digital governance and driving innovation across the nation’s Federal Civil Service.
Govmail, an email platform developed and powered by Galaxy Backbone (GBB) is an innovative solution set to enhance communication, boost efficiency, and accelerate Nigeria’s digital transformation journey within the public sector.
Speaking at a meeting where the Govmail Interface was first officially presented and demonstrated to her, the Head of Civil Service expressed her excitement about the platform, stating, “GBB’s Govmail is unbelievably WOW!
This is a game-changer for our nation’s civil service, streamlining communication and creating a secure path to other government digital services. With Govmail, we are truly embracing the future of digital governance.”
Govmail is a secure, Nigeria-centric email platform designed by a team from Galaxy Backbone, exclusively for public service professionals. It ensures that all official communication are seamlessly managed while safeguarding Nigeria’s data sovereignty. The initiative emerged as a key outcome of the Digitalisation War Room, established by Mrs. Walson- Jack, to drive the implementation of cutting-edge digital solutions in government.
Commenting on this milestone, Professor Ibrahim A. Adeyanju, Managing Director/CEO of Galaxy Backbone, shared, “We are immensely proud to have developed this revolutionary platform, ensuring that every Nigerian civil servant has access to a robust and secure communication channel.
Govmail is not just about email—it’s about enabling productivity, efficiency, and sovereignty in governance. Galaxy Backbone remains committed to driving the digital transformation of Nigeria’s public sector.”
The Permanent Secretary, Federal Ministry of Communications, Innovation & Digital Economy, Engr. Faruk Yusuf Yabo emphasized the strategic importance of the Govmail for the nation’s Civil Service stating that “Govmail significantly reduces the government’s reliance on foreign email platforms, cutting costs and addressing licensing challenges. This is a commendable achievement by the Head of Service and the leadership of Galaxy Backbone.”
Through GBB’s dedicated efforts, Govmail will rapidly roll out email accounts to over 70,000 Federal civil servants across Nigeria, ensuring every government professional is equipped with a secure communication platform in record time. This initiative aligns with Nigeria’s goal of leveraging technology to build a digitally driven and globally competitive public service.
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Senate Approves New $2.2Bn External Borrowing for Nigeria
The Senate has approved the new external borrowing plan request of $2.2 billion presented for consideration by President Bola Tinubu.
The approval followed the adoption of the report of the Senate Committee on Local and Foreign Debts at the plenary session on Thursday.
The report was presented by the Sen. Aliyu Wammako, chairman of the Committee.
President Bola Tinubu had on Tuesday, Nov 19, in separate letters to both chambers of the National Assembly, requested approval of a $2.2 billion external borrowing plan to part fund the N9.7 trillion deficit in the 2024 budget .
Senate upon receipt of the request, mandated its committee on local and foreign debts to expeditiously ensure further legislative inputs on the request and report back within 24 hours.
Presenting the committee‘s report, Wammako said the presidential request was very necessary for approval.
He said the loan request would be utilised for execution of ongoing projects and programmes in the 2024 appropriation act , saying that the projects were critical for national growth and development.
“It will contribute to the implementation of the debt management strategy, which seeks to reduce the cost of borrowing.
” It will lengthen maturity of the public debt stock, free – up space in the domestic market for other borrowers, and help increase Nigeria’s external reserves .” Wammako said Nigeria could raise all or part of the 2.2billion dollars through the issuance of Eurobonds in the International Capital Market ( ICM) .
Wammako thereafter is recommended as follows:
“That the Senate do approve the implementation of the new external borrowing of 2.2 billion dollars at the budget exchange rate of one dollars to N800 in the 2024 appropriation act and that the amount should be raised from one or more sources.
“Namely, issuance of eurobonds in the ICM, issuance of debut sovereign Sukuk in the ICM, and bridge, syndicated loans, subject to market conditions.”
The report was thereafter unanimously approved via an affirmative voice vote.
In his remarks after the approval, Senator Jibrin Barau, deputy president of the Senate, who presided plenary, commended the Wammako led committee for a job well done.
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