By Yinka Akanbi
The Minister of Art, Culture, and Creative Economy, Hannatu Musawa, has announced a collaboration with the African Development Bank (AfDB) to launch the $617 million Investment in Digital and Creative Enterprises (IDICE) fund.
During a meeting in Abuja on Thursday with Lamin Barrow, the Director General of AfDB, Ms. Musawa stressed 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,” she said.
Expressing her enthusiasm, the Minister 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.”
She commended AfDB and other parties to the transaction for the remarkable achievement, now being emulated by other African nations.
While she applauded the impact investment focus which includes elements such as geographical spread, first loss position of the FGN and grants for capacity development, Ms. Musawa explained that FMACCE will reflect this spirit in its nationwide awareness campaign on the initiative.
The Minister highlighted that the IDICE structure offers a platform through which the fundraising initiatives of her Ministry can be secured and assured that this opportunity will be thoroughly explored.
“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,” she stated.
