has approved a loan of $170 million to finance a digital and creative enterprises programme in Nigeria.
The programme targets more than 68 million Nigerians aged 15 to 35 years who are recognized as leaders of innovative, early-stage, technology-enabled start-ups or as leaders of creative sector micro, small and medium sized enterprises. The program is co-financed by the Agence Française de Développement and the Islamic Development Bank .
“This program is among the latest series of our operations meant to bolster the implementation of the Bank’s Jobs for Youth in Africa Strategy. Given that tech-enabled enterprises cut across all the economic growth sectors, the program’s focus on the digital sector will deepen Nigeria’s job creation efforts,” said Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.
The program will boost Nigeria’s venture capital market through independently managed funds focusing on digital and creative enterprise. These funds aim to attract an initial capitalization of $433 million in private and public sector financing.
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