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 $1 billion in the creative economy upon full deployment, marking a transformative moment for Nigeria’s creative landscape.
Featured Stories
Alleged N76billion Arik Fraud Case: Avoid Misrepresentation Of Facts In Covering Court Proceedings – Justice Dada To Journalists
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, today admonished the media, especially the ones covering proceedings in
Arik Air: CBN Board Approved AMCON Takeover, EFCC Tells Court
The ongoing EFCC Arik case at the Special Offences Court sitting in Ikeja, Lagos State resumed on Wednesday February 25, after the
Latest from Business
Dollar Sold At N1,363/$ In Official Window, Trades Flat In Black Market
During trading in the black market on Friday, February 27, the foreign exchange (FX) rate for the United States dollar (USD) was N1,382.76 kobo per $1. According to Naira Rates, the black market aggregator, this is the same FX rate for the
Sell Off In Meyer, Champion Brew Reduce NGX Market Cap By N475bn
The market capitalisation of the Nigerian Exchange (NGX), also known as the stock market, decreased by N475.62 billion to N123.76 trillion on Friday, February 27. According to the NGX, the market capitalisation dropped from the N124.23 trillion recorded on Thursday, February 26.
IFGreen Industries Switches to Solar, Commissions Hybrid Power System in Epe
IFGreen Industries & Investment Ltd has commissioned a Hybrid Solar Photovoltaic (PV) and Battery Energy Storage System (BESS) at its production facility in Epe, Lagos, marking its transition from diesel-powered operations to renewable energy, Prime Business Africa reports. The agro-allied processing firm
MTN Nigeria’s Voice Revenue Contribution Drops, Data Accounts For 53% Of Turnover
The voice turnover to MTN Nigeria’s total revenue dropped from 38.77 percent in 2024 to 35.55 percent in 2025, according to Prime Business Africa’s analysis. Although the voice revenue increased last year to N1.85 trillion, surpassing the N1.30 trillion earned from the
FCCPC Flags Possible Airline Price-Fixing During 2025 Christmas Season
Nigeria’s consumer protection agency has uncovered evidence suggesting some domestic airlines may have engaged in price fixing during the 2025 Christmas travel rush. In an interim report released Thursday, the Federal Competition and Consumer Protection Commission (FCCPC) said ticket fares during December
