In a bid to bolster entrepreneurship and innovation within the digital economy and creative industries, the Federal Government has committed a substantial investment of $617 million.
This initiative, known as the iDICE fund, aims to provide crucial support and resources for emerging talent in Nigeria.
Speaking at the African Fashion and Arts Award Business and Mentorship Summit held in Abuja on Thursday, the Special Assistant to the President on Arts, Culture, and Creative Economy, Ayo Adeagbo, unveiled this groundbreaking endeavor.
He highlighted the significance of the initiative in fostering growth and opportunity within the creative sector.
“After the inauguration of Mr. President, one of the remarkable investments he made into the country was the creation of a Ministry dedicated to the affairs of art, culture, and the creative economy,” said Adeagbo.
He emphasized the Ministry’s commitment, under the leadership of Minister Hanatu Musawa, to advancing the interests of creatives nationwide.
The iDICE fund, a cornerstone of this investment, offers vital access to startup capital and resources essential for nurturing talent in Nigeria.
Musawa reiterated the government’s dedication to creating pathways for young talent to flourish on a global scale.
In addition to the iDICE fund, plans are underway for the launch of the “Skill Sync” initiative, aimed at empowering the next generation of creative minds. This transformative platform seeks to provide opportunities for skill development and empowerment.
Providus Bank has also stepped forward with a N5 billion loan facility dedicated to supporting Nigerian creatives, further underscoring the commitment to fostering growth and innovation within the sector.
Highlighting the importance of collaboration between the private sector and government, Kayode Aiyegbusi, Acting Director of the FCT Department of Arts and Culture, emphasized the need for synergy to drive the creative economy forward.
He assured continued efforts to create an enabling environment for industry growth.
Kingsley Amako, Convener of the African Fashion and Arts Award (AFAA), hailed the creative industry as the “next oil boom” and urged youths to harness their skills and talents.
He emphasized the role of platforms like AFAA in providing recognition and opportunities for budding creatives.
The injection of $617 million into the digital economy and creative enterprises signals a significant step towards fostering innovation, entrepreneurship, and growth within Nigeria’s vibrant creative sector.
