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Nigeria, AfDB Unveil $617 Million Digital Innovation Fund for Creative Industry

Nigeria, AfDB Unveil $617 Million Digital Innovation Fund for Creative Industry

Nigeria’s Minister of Art, Culture, and Creative Economy, Hannatu Musawa, is set to launch a $617 million Investment in Digital and Creative Enterprises (IDICE) Fund in collaboration with the African Development Bank (AfDB).

During a meeting in Abuja with the Director-General of AfDB, Mr. Lamin Barrow, the Minister emphasised the substantial 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,” stated Minister Musawa enthusiastically.

Expressing her excitement, Minister Musawa confirmed, “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 stakeholders for the remarkable achievement, noting that it is being emulated by other African nations. She praised the investment focus’s impact, including geographical spread, the first loss position of the FGN, and grants for capacity development. She stressed that the Ministry would reflect this spirit in its nationwide awareness campaign on the initiative.

Minister Musawa highlighted that the IDICE structure offers a platform to secure the ministry’s fundraising initiatives, assuring that this opportunity will be thoroughly explored. Nigeria, as a global hub for music, film, and visual art, aims to leverage the IDICE funds strategically to solidify its global standing and propel expansion within the creative industry across 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, incorporating a Steering Committee that includes the Minister.

“AfDB has appointed the Bank of Industry as the executing agency to manage programme 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 explained.

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