Nigeria, AfDB team up to boost digital, creative industries with $617m

In a significant move to bolster the nation’s digital and creative landscape, the Nigerian government and the African Development Bank (AfDB) are partnering to launch a $617 million investment fund.

This initiative, known as the Investment in Digital and Creative Enterprises (IDICE), aims to address the critical challenges faced by startups in these sectors, primarily access to funding and support ecosystems.

According to a statement on Friday, Hannatu Musawa, minister of art, culture and the creative economy, spoke about the collaboration during a meeting in Abuja on Thursday with Lamin Barrow, director general of AfDB.

The minister said the creative sector has the potential to generate employment opportunities for millions of young Nigerians.

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“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,” Musawa said.

“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.”

The minister further commended AfDB and other parties to the transaction for the remarkable achievement.

Musawa also said IDICE structure offers a platform through which the fundraising initiatives of her 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,” she said.

“This move aims to consolidate its global standing and propel further expansion within the creative industry, in sub-sectors such as design, gaming, content creation, animation, culinary arts, and publishing.”

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