The Minister of Art, Culture and the Creative Economy Hannatu Musawa is set to roll out a $617 Million IDICE Fund in collaboration with the African Development Bank (AfDB).
At a high-level meeting in Abuja on Thursday with the Director General of AfDB, Mr. Lamin Barrow, the Minister highlighted the huge 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”.
Expressing her enthusiasm, 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.” .
The Minister praised AfDB and other participants in the deal for the outstanding accomplishment, which other African countries are now trying to imitate.
She praised the impact investment focus, pointing out that FMACCE will embody this spirit in its national awareness campaign on the program. Other parts of the impact investment focus include regional distribution, the FGN’s first loss position, and grants for capacity building.
Minister Musawa emphasized that the IDICE framework provides a venue for the Ministry’s fundraising efforts, and she promised that this will be a properly investigated opportunity.
“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”.
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, incoporating a Steering Committee that includes Minister Musawa.
“AfDB has appointed the Bank of Industry as the executing agency to manage program 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.”
The African Development Bank (AfDB) and the Minister of Art, Culture, and Creative Economy, Hannatu Musawa, have solidified their ground-breaking partnership to introduce the $617 million Investment in Digital and Creative Enterprises (IDICE) fund, marking a momentous occasion for Nigeria’s creative scene.
With the potential to spark over $1 billion in growth in the creative economy upon full deployment, this revolutionary fund is ready to unleash unheard-of growth.
Acknowledging the eagerness of the creative community, Barrow stated, “The youth are understandably impatient. Since the approval of IDICE, we receive daily inquiries about the launch. While the processes are intricate, we are on the verge of the roll-out phase.”
The Federal Government of Nigeria is leading an effort called IDICE that intends to promote innovation and entrepreneurship in the digital technology and creative industries. It tackles the difficulties startups experience in getting access to risk funding and the capabilities of the innovation ecosystem.
The two main parts of IDICE are the sectoral fund, which is a $433 million fund split into three categories, and the intervention fund, which is a $147 million fund promoting enterprise and skills development.
Creative Fund: Provides startups and SMEs in the creative sector with equity or quasi-equity.
Tech Fund: Provides creative early- and growth-stage start-ups with equity or quasi-equity.
Fund of Funds: Investments in closed-end venture capital funds or funds with an emphasis on creative businesses.