Emmanuel OchayiNigeria’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.
Featured Stories
Soludo’s New Market Design: Why Onitsha Traders Must Tread Carefully
The main fears and warnings of critics of the actions of Anambra governor, Professor Chukwuma Soludo about sit-at-home and closure of the
El-Rufai’s Calculated Victimhood
Nasir El-Rufai, once a staunch member of the All Progressives Congress, surprised many by defecting to the African Democratic Congress. He said
Latest from Business
Soludo’s New Market Design: Why Onitsha Traders Must Tread Carefully
The main fears and warnings of critics of the actions of Anambra governor, Professor Chukwuma Soludo about sit-at-home and closure of the Onitsha Main Market have now happened. In Anambra, fear and panic came back in full measure, while the State Police
Black Market, Official Window FX Rates Gap Widens By N100
The gap between the black market and the official window widened to N100.88 kobo on Monday, February 16, from N49.58 kobo on Friday, February 13. In the black market on Monday, the foreign exchange (FX) rate for the United States dollar (USD) increased
BUA Group Signs Strategic Partnership with UAE Firms
BUA Group has signed a strategic Memorandum of Understanding (MoU) with UAE-based AD Ports Group and MAIR Group in Abu Dhabi, in a deal aimed at strengthening industrial development, trade, and logistics between West Africa, the Gulf, and Asia. The agreement follows
Jaiz Bank, Beta Glass Lead Gainers’ List As NGX Market Cap Rises By N5.10trn
At the end of trading in the Nigerian Exchange (NGX), also known as the stock market, on Monday, February 16, the market capitalisation of the bourse closed at N122,12 trillion. The NGX’s market capitalisation increased by N5.10 trillion from the N117.02 trillion
Rush For Palm Oil Stocks Creates New Trillion-naira Firms, Bumper Gains
The palm oil sector recorded a historical period in 2025, as the rush for the few producers on the Nigerian Exchange (NGX), also known as the stock market, birthed two trillion-naira companies in the bourse and added N1.23 trillion to shareholders’ wealth
![Gender Activism An Economic Necessity In Africa [PBA Editorial]](https://www.primebusiness.africa/wp-content/uploads/2023/11/vaw-150x150.png)
