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.
Nigerian Govt, AfDB Unveils $617m IDICE Fund To Ignite Creative Economy Boom
Latest from Business
Bitcoin, Ethereum Prices Rebound Following Interest Rate Uncertainty In U.S.
After a turbulent week characterized by speculative activity before a crucial Federal Reserve meeting and its potential impact on interest rates in the US, the prices of Bitcoin and Ethereum have rebounded.
CBN, Fintechs And Money Laundering
An important development that occurred in the financial services industry the other week went largely unreported in the press; perhaps because the media is still engrossed in all the corruption dramas of
UBA Empowers 400 Youths Across Africa Through Graduate Programme
Africa’s Global Bank, United Bank for Africa (UBA), has empowered 398 young Africans through its Graduate Management Acceleration Programme (GMAP) for 2024. The bank held the second edition of the GMAP class
How Govt Palliatives Push Food Inflation – CBN
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that the government’s large-scale purchase of foodstuffs as palliatives is contributing to the country’s rising food inflation. This statement was
Equity Market Sees Second Consecutive Day Of Gains, Investors Gain N303bn
The Nigerian equity market defied expectations on Thursday, May 2, 2024, as investors recorded gains for the second consecutive day. The market’s benchmark index appreciated by 0.55% to 98,762.78 points, driven by