Federal government, in collaboration with the African Development Bank (AfDB), has finalized plans to unveil a substantial $617 million IDICE Fund dedicated to the digital technology and creative industry.
Minister of Art, Culture, and Creative Economy, Hannatu Musawa, announced this development during a high-level meeting with AfDB’s Director-General, Lamin Barrow in Abuja. Musawa emphasized the significant potential of the Creative Economy to provide employment opportunities for millions of young Nigerians.
Musawa expressed her enthusiasm for the program, stating, “With eager anticipation from the creative community, the IDICE fund emerges as a landmark transaction, providing a strategic platform for directing additional long-term financing into this dynamic sector.”
She further commended the progress made, saying, “We are delighted that the conditions precedent for the release of IDICE funds are nearing completion. We eagerly anticipate providing start-up funds to young creatives, facilitating the development and monetization of their talents.”
The minister acknowledged the impact investment focus, including geographical spread, first loss position of the FGN, and grants for capacity development. She highlighted that her ministry would incorporate this spirit in its nationwide awareness campaign on the initiative.
Musawa stated, “Nigeria, having solidified its position as a global hub for music, film, and visual art, is strategically positioning itself to leverage the IDICE funds. This move aims to consolidate its global standing and propel further expansion within the creative industry, in subsectors such as Design, Gaming, Content Creation, Animation, Culinary Arts, and Publishing.”
AfDB’s Lamin Barrow provided insight into the fund structure, mentioning, “AfDB has appointed the Bank of Industry as the executing agency to manage program implementation, reporting directly to the steering committee.
“The initiative is set to forge strategic partnerships with selected Universities and Polytechnics, major technology companies and key players in the private sector.”
Barrow acknowledged the impatience of the creative community, stating, “The youth are understandably impatient. Since the approval of IDICE, we receive daily inquiries about the launch. While the processes are intricate, we are on the verge of the roll-out phase.”
The IDICE initiative, standing for Investment in Digital and Creative Enterprises, is spearheaded by the federal government of Nigeria. It aims to foster entrepreneurship and innovation in digital technology and creative industries, addressing challenges faced by start-ups in accessing risk capital and building innovation ecosystems.
IDICE comprises two major components: the intervention fund, a $147 million fund supporting enterprise and skills development, and the sectoral fund, a $433 million fund divided into three categories: Creative Fund, Tech Fund, and Fund of Funds.
This transformative fund is poised to unleash unparalleled growth, with the potential to catalyze over $1 billion of growth in the creative economy upon full deployment.
