Nigeria’s Minister of Art, Culture, and Creative Economy, Hannatu Musawa, announced the launch of the $617 million Investment in Digital and Creative Enterprises (IDICE) Fund, a collaborative effort with the African Development Bank (AfDB).
During a high-level meeting on February 1, 2024, Musawa emphasized the fund’s potential to generate employment opportunities for millions of young Nigerians in the dynamic creative sector.
Musawa expressed her enthusiasm, stating, “The IDICE fund emerges as a landmark transaction, providing a strategic platform for directing additional long-term financing into this dynamic sector.”
She lauded AfDB for its impact investment focus and revealed plans for a nationwide awareness campaign, reflecting the fund’s spirit.
AfDB’s Director-General, Lamin Barrow, outlined the fund’s structure, appointing the Bank of Industry as the executing agency. Barrow assured the creative community that the launch is imminent, addressing daily inquiries since IDICE’s approval.
The fund comprises two major components: a $147 million intervention fund supporting enterprise and skills development, and a $433 million sectoral fund divided into three categories: Creative Fund, Tech Fund, and Fund of Funds.
Minister Musawa emphasized Nigeria’s strategic positioning in global creative industries, focusing on subsectors such as Design, Gaming, Content Creation, Animation, Culinary Arts, and Publishing. The IDICE initiative aims to address challenges faced by start-ups in accessing risk capital and innovation ecosystem capacity.
With an eagerness from the youth, Barrow acknowledged the complexity of the processes but assured that the roll-out phase is imminent. IDICE, standing for Investment in Digital and Creative Enterprises, is poised to unleash unparalleled growth, catalyzing over $1 billion in the creative economy upon full deployment, marking a transformative moment for Nigeria’s creative landscape.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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