The Minister Launches the $617 Million IDICE Fund in Partnership with the AFDB
The Minister Launches the $617 Million IDICE Fund in Partnership with the AFDB
IDICE Fund: The $617 million Investment in Digital and Creative Enterprises (IDICE) fund has been launched by the African Development Bank (AfDB) and the Minister of Art, Culture, and Creative Economy, Hannatu Musawa, in a historic move for Nigeria’s creative scene. When fully implemented, this revolutionary fund has the potential to spur over $1 billion in growth in the creative sector, setting it on a path of unmatched expansion.
Speaking on Thursday at a high-level meeting with Mr. Lamin Barrow, the Director General of the African Development Bank, Minister Musawa emphasized the enormous potential of the Creative Economy to provide jobs for millions of young Nigerians. “The IDICE fund stands as a landmark trade, providing an effective vehicle for directing more future funding into this exciting sector, much to the satisfaction of the creative community.”
Minister Musawa enthusiastically stated, “We are happy that the prerequisites for the disbursement of IDICE money are almost finished. We are excited to give young creatives start-up funding so they may grow and make money off of their skills.” The Minister praised AfDB and other participants in the deal for the outstanding accomplishment, which other African countries are now trying to imitate. Musawa praised the impact investment focus, pointing out that it encompasses components like geographic distribution, the FGN’s first loss position, and grants for capacity building. She also emphasized that FMACCE will incorporate this ethos into its initiative’s national awareness campaign.
The Minister emphasized that her ministry’s fundraising efforts can be secured within the IDICE framework, and she promised that this opportunity will be carefully investigated “Nigeria is strategically positioning itself to benefit from the IDICE funds, having solidified its position as a major international hub for the visual, performing, and film arts. This action is to strengthen its position internationally and encourage additional growth in the creative sector, specifically in subsectors like publishing, gaming, design, content creation, animation, and culinary arts.
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An essential component of the joint endeavor, Mr. Barrow shed light on the fund structure, emphasizing that IDICE is constructed around an elite governance framework that includes Minister Musawa on the Steering Committee. “The AfDB has appointed the Bank of Industry as the executing agency to supervise program implementation, with direct reporting to the steering committee.” The program aims to establish strategic alliances with prominent private sector participants, large technological corporations, and specific universities and polytechnics.
Barrow acknowledged the enthusiasm of the artistic community and said, “Young people are naturally impatient. Every day since IDICE approved the rollout, we have been contacted with questions. We are almost at the roll-out phase, notwithstanding the complexity of the processes.”
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.
Fund for the Creative Industries: Provides equity or quasi-equity to startups and SMEs in the industry.
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.
