Minister rolls out $617m IDICE fund in collaboration with AFDB

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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 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.