The Minister of Art, Culture, and Creative Economy, Hannatu Musawa, has announced a groundbreaking partnership with the African Development Bank (AfDB) to launch the Investment in Digital and Creative Enterprises (IDICE) fund, a staggering $617 million initiative.
During a high-profile meeting in Abuja on Thursday, February 01, 2024, Minister Musawa, in collaboration with Lamin Barrow, the Director General of AfDB, emphasised the colossal potential of the Creative Economy in providing employment opportunities for millions of Nigerian youths.
"The IDICE fund emerges as a landmark transaction, providing a strategic platform for directing additional long-term financing into this dynamic sector," Minister Musawa declared with enthusiasm.
Expressing her anticipation, 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 talents."
AfDB's Barrow shed light on the fund's structure, stating its world-class governance framework and the appointment of the Bank of Industry as the executing agency. He outlined IDICE's focus on strategic partnerships with universities, polytechnics, technology companies, and private sector players.
The IDICE fund, a brainchild of the Federal Government of Nigeria, seeks to foster entrepreneurship and innovation in digital technology and creative industries.
It addresses the challenges faced by startups in accessing risk capital and building innovation ecosystems.
Minister Musawa underscored the significance of the IDICE structure, noting that it offers a platform for securing fundraising initiatives for her ministry.
She applauded the impact investment focus and explained that the Federal Ministry of Art, Culture, and Creative Economy (FMACCE) would reflect this spirit in its nationwide awareness campaign on the initiative.
"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," Minister Musawa declared.
With the IDICE fund set to unleash unparalleled growth, Minister Musawa and AfDB are spearheading a transformative initiative that could catalyse over $1 billion in the creative economy upon full deployment.
In a joint statement, Minister Musawa and Barrow expressed their commitment to fostering entrepreneurship, innovation, and sustainable growth in Nigeria's creative sector.