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Nigeria invests $617m in creative enterprise fund

The Federal Government has invested $617million in Digital Economy and Creative Enterprises, as an initiative to foster entrepreneurship and innovation in the digital economy and creative industries.

The Special Assistant to the President on Arts, Culture and Creative Economy, Ayo Adeagbo, who disclosed this at the African Fashion and Arts Award Business and Mentorship Summit, in Abuja yesterday, said the initiative, tagged the iDICE fund, offered access to start-up capital and resources for the nurturing of talent in Nigeria.

While describing the formation of the Ministry of Arts, culture and the Creative Economy by the President as a “remarkable investment” Adeagbo added that the Minister of Arts, Culture and the Creative Economy, Hanatu Musawa, has continued to work to ensure the building of greater pathways for young talent to reach their global potential

Adeagbo said: “After the inauguration of Mr President, one of the remarkable investments he made into the country was the creation of a Ministry made to handle the affairs of art, culture and creative economy. The Ministry, ably led by Hon. Hannatu Musawa has achieved significant strides in less than a year for the benefit of our creatives and the nation, as a whole.

 “Some pivotal actions taken include the significant $617 million investment in Digital Economy and Creative Enterprises (iDICE), known as the iDICE Fund – an initiative that aims to foster entrepreneurship and innovation in digital technology and creative industries.

 “During the ground-breaking unveiling, the Minister made it known that this fund offers access to start-up capital and resources essential for nurturing talent in Nigeria. The Minister continues to work to ensure that greater pathways are built for young talent to reach their potential globally”.

He added that his office was also looking to begin the “Skill Sync” initiative, which he said would be “a transformative platform designed to nurture and empower the next generation of creative minds” while also highlighting a N5billion loan offered by Providus Bank, dedicated to empowering Nigerian creatives.

Meanwhile, the Acting Director of the FCT Department of Arts and Culture, Kayode Aiyegbusi, who also represented the Minister of State for the FCT, Dr Mariya Mahmoud, noted the importance of a synergy between the private sector and the government to grow the creative economy, adding that while the government would continue to create the enabling environment, to allow the industry to thrive.

Similarly, the Convener of the AFAA, Kingsley Amako, described the creative industry as “the next oil boom”, and encouraged youths to develop their skills, build capacity and learn to produce and market their products, noting that the AFAA provided a platform for their recognition.