Nigeria, AfDB Roll Out $617m Digital Innovation Fund for Creative Industry

Hikmat Bamigboye, Abuja

On Feb 3, 2024

Nigeria’s Minister of Art, Culture and Creative Economy Hannatu Musawa is set to roll out a $617 million Investment in Digital and Creative Enterprises

(IDICE) Fund in collaboration with the African Development Bank (AfDB).

At a meeting in Abuja with the Director General of AfDB, Mr. Lamin Barrow, the Minister highlighted the huge potential of the Creative Economy to generate employment opportunities for millions of young Nigerians.

“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”.

Expressing her enthusiasm, Minister Musawa affirmed; “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 monetisation of their talent.”

The Minister commended AfDB and other parties to the transaction for the remarkable achievement, now being emulated by other African nations.

She applauded the impact of the investment focus which includes elements such as geographical spread, first loss position of the FGN and grants for capacity development, stressing that the Ministry will reflect this spirit in its nationwide awareness campaign on the initiative.

The Minister highlighted that the IDICE structure offers a platform through which the fundraising initiatives of the Ministry can be secured and assured that this opportunity will be thoroughly explored.

“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.”

Mr. Barrow, an integral part of the collaborative effort, provided insight into the fund structure, clarifying that IDICE is built around a world-class governance framework, incoporating a Steering Committee that includes the Minister.

“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,” he said.