The Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, is set to introduce a groundbreaking initiative—the $617 million Investment in Digital and Creative Enterprises (IDICE) fund—in collaboration with the African Development Bank (AfDB).
This transformative fund aims to harness the vast potential of the Creative Economy, offering employment opportunities for Nigeria’s youth.
During a high-level meeting in Abuja with AfDB’s Director General, Mr. Lamin Barrow, Minister Musawa expressed the significant impact the IDICE fund could have on the dynamic creative sector.
She highlighted its role as a strategic platform for channeling additional long-term financing into this vibrant industry, eagerly anticipating its potential to provide startup funds for young creatives.
Minister Musawa commended AfDB and other stakeholders for their achievements, stating that the IDICE structure aligns with the focus on impact investment, including geographical spread and grants for capacity development. She expressed enthusiasm for the fund’s imminent release, aiming to support and monetize the talents of young creatives.
Nigeria’s Minister emphasized the country’s global position in music, film, and visual art, strategically positioning itself to leverage the IDICE funds. This move seeks to consolidate Nigeria’s global standing and foster expansion within the creative industry, encompassing sectors such as Design, Gaming, Content Creation, Animation, Culinary Arts, and Publishing.
Mr. Barrow, integral to the collaborative effort, provided insight into the IDICE fund structure. He clarified that it operates within a world-class governance framework, featuring a Steering Committee inclusive of Minister Musawa. The Bank of Industry is appointed by AfDB as the executing agency to manage program implementation, forming strategic partnerships with universities, polytechnics, technology companies, and key players in the private sector.
The partnership between Minister Musawa and AfDB marks a significant milestone for the Nigerian creative landscape. The IDICE fund, with its $617 million investment, is set to unleash unparalleled growth, catalyzing over $1 billion in the creative economy upon full deployment. Barrow acknowledged the eagerness of the creative community, affirming that the roll-out phase is on the verge of realization.
Addressing Challenges and Dual Components of IDICE:
IDICE, initiated by the Federal Government of Nigeria, aims to address challenges faced by startups in accessing risk capital and innovation ecosystem capacity. It comprises two major components: the $147 million intervention fund supporting enterprise and skills development, and the $433 million sectoral fund divided into three categories—Creative Fund, Tech Fund, and Fund of Funds—aimed at providing equity or quasi-equity to startups and SMEs in the creative sector, innovative early-stage and growth-stage startups, and participations in Venture Capital Funds or Creative Business-focused funds, respectively.
