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The French government has committed $116 million to support startups
in Nigeria through the Investment in Digital and Creative Enterprises
(I-DICE) program.

The agreement was signed on November 3 by Yusuf Tuggar, the Nigerian
Minister of Foreign Affairs, Yusuf Tuggar, and Catherine Colonnade,
the French Minister for Europe and Foreign Affairs, in Abuja.

The I-DICE program is a Nigerian government initiative aimed at
promoting entrepreneurship and innovation in the digital technology
and creative industry sectors.

The program is expected to create 65,000 startups, 150,000 direct
jobs, and 1.3 million indirect jobs.

The French Development Agency (AFD) is contributing 100 million euros
(equivalent to $116 million) to the I-DICE program.

The other funding partners include the African Development Bank
(AfDB), the Islamic Development Bank (ISDB), and the Bank of Industry
(BOI).

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On the first day of a two-nation tour to Sub-Saharan Africa, Chancellor of Germany, Olaf Scholz said his country was willing to invest in gas and vital minerals in Nigeria, Africa’s largest oil producer.
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Scholz is visiting the region for the third time in two years, as tensions abroad underline the growing importance of an energy-rich region in which Berlin has historically had little role.
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Scholz told reporters at a joint briefing with President Bola Tinubu in the capital, Abuja, on Sunday that aside from critical minerals, Germany is interested in investing in Nigeria’s natural gas sector.
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However, he said that certain factors will need to be put in place, such as gas pricing.
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“If we are successful, if there is a better chance of exporting the produced gas, it is then the question for German companies to do their private business.

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This is as 28 states failed to attract any foreign investments in the time under review, according to report from the National Bureau of Statistics on Nigeria Capital Importation. In 2023, total capital importation dropped by 30.42 per cent year-on-year in the first half of 2023 to $2.16bn from $3.11bn, from the corresponding period of 2022.