In a groundbreaking collaboration, the Minister of Art, Culture, and the Creative Economy, Ms. Hannatu Musawa, has introduced the Investment in Digital and Creative Enterprises fund (IDICE), a transformative initiative backed by the African Development Bank (AFDB).
The fund, valued at $617 million, is set to revolutionize the digital and creative sectors, with the potential to generate over $1 billion in economic growth once fully implemented.
During a high-level meeting held in Abuja with the Director General of AFDB, Mr. Lamin Barrow, Minister Musawa emphasized the significant employment opportunities that the creative economy can provide for millions of young Nigerians. She hailed the IDICE fund as a landmark transaction that will serve as a strategic platform for channeling long-term financing into this dynamic sector.
The Minister applauded AFDB and other stakeholders involved in the transaction for their remarkable achievement, which is now being viewed as a model by other African nations. She explained that the IDICE structure will facilitate the securement of fundraising initiatives for her Ministry and expressed her commitment to fully exploring this opportunity.
Nigeria, having solidified its position as a global hub for music, film, and visual art, aims to leverage the IDICE funds to consolidate its global standing and fuel further expansion within the creative industry. The funds will be directed towards subsectors such as Design, Gaming, Content Creation, Animation, Culinary Arts, and Publishing.
Mr. Lamin Barrow, the Director General of AFDB, emphasized the importance of collaboration in the IDICE initiative. He highlighted the world-class governance framework of the fund, which includes a Steering Committee comprising the Minister of Art, Culture, and Creative Economy. The Bank of Industry has been appointed as the executing agency responsible for managing program implementation, reporting directly to the steering committee. Furthermore, strategic partnerships will be formed with selected universities, polytechnics, major technology companies, and key players in the private sector.
Addressing the aspirations of the creative community, Mr. Barrow stressed that the IDICE initiative aims to foster entrepreneurship and innovation in digital technology and creative industries. It also seeks to address the challenges faced by startups in accessing risk capital and building a robust innovation ecosystem.