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
Nigeria Records 136% of 2023 FX Inflow In First 3 Months Of 2024 – Cardoso Reveals
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has revealed a significant increase in foreign exchange (FX) inflows in the first quarter of 2024, marking a 136% rise
NGX: Equity Market Continues Downtrend As Investors Lose N84bn
The Nigerian equity market extended its losing streak on Thursday, shedding N84 billion in market capitalization. This decline was primarily driven by losses in Skyway Aviation Handling, NEM Insurance, and 26 other
The Guardian, AFP, Al Jazeera, and Reuters top index for most balanced media coverage of Africa, American outlets lag at the bottom — new report
The Guardian, AFP, Al Jazeera, and Reuters top index for most balanced media coverage of Africa, American outlets lag at the bottom — new report JOHANNESBURG, South Africa, 23 May 2024 -/African
Nigeria Customs Seizes 17,580 Litres Of Petrol In Less Than 60 Days
The Nigeria Customs Service, Federal Operations Unit, Zone D, has announced the interception of 17,580 litres of premium motor spirit (PMS) valued at N12.7 million. This operation took place between April and
EFCC Arrests Over 200 BDC Operators Nationwide Over Alleged Forex Scam
The Economic and Financial Crimes Commission (EFCC) has apprehended more than 200 individuals across Nigeria in a sweeping crackdown on foreign exchange scams and financial market manipulation. This unprecedented operation aims to
Follow Us