The Federal Government, in collaboration with the African Development Bank (AfDB), is gearing up to introduce the $617 million Investment in Digital and Creative Enterprises (IDICE) fund. This initiative aims to foster entrepreneurship and innovation within Nigeria’s digital technology and creative industries, addressing challenges such as access to risk capital and innovation ecosystem capacity faced by startups.
Hannatu Musawa, Minister of Art, Culture, and the Creative Economy, highlighted the potential of the creative sector to create employment opportunities for Nigerian youth. She expressed anticipation for the IDICE fund, emphasizing its significance in providing start-up funds to young creatives and facilitating the development and monetization of their talents.
The IDICE structure offers a platform for securing fundraising initiatives within the ministry, positioning Nigeria as a global hub for various creative sub-sectors such as design, gaming, content creation, animation, culinary arts, and publishing.
Lamin Barrow, Director-General of AfDB, provided insight into the fund’s structure, emphasizing its world-class governance framework and strategic partnerships with universities, technology companies, and key players in the private sector. Barrow acknowledged the eagerness of the creative community for the fund’s launch and assured that the roll-out phase is imminent.
The IDICE fund comprises two major components: the intervention fund, supporting enterprise and skills development, and the sectoral fund, divided into the creative fund, tech fund, and fund of funds, aimed at providing equity or quasi-equity to startups and SMEs in the creative and technology sectors.
