News

February 28, 2024

FG rolls out $617m fund to boost creative economy

FG rolls out $617m fund to boost creative economy

Minister of Arts, Culture and Creative Economy, Mrs Hannatu Musawa

By Benjamin Njoku

The Federal Government has rolled out a substantial $617 million investment in Digital and Creative Enterprises, IDICE, Fund to boost the country’s digital technology and creative industry.

Minister of Art, Culture and Creative Economy, Hannatu Musawa, announced this development, yesterday, while delivering the keynote address at the opening ceremony of Omniverse Summit 2024, held at the Landmark Events Center, in Lagos.

According to the minister, the IDICE Fund epitomizes the administration of President Tinubu’s unwavering commitment to empowering our creatives and entrepreneurs, fueling economic growth, and driving socio-economic transformation across Nigeria.

She said in line with the Ministry of Art, Culture and the Creative Economy’s comprehensive 8-point plan agenda, IDICE Fund lays the foundation for sustainable financing, skills development, and market access within the digital and creative ecosystem.

Speaking further, the minister stated that Nigeria’s creative industry holds immense promise for economic development, cultural enrichment, and regional integration.

She, however, urged Nigerians to come together to champion inclusivity, empower marginalized groups, and ignite the spark of creativity within our youth by attending, actively engaging and supporting platforms such as the Omniverse Summit.

According to her: “Today marks a momentous occasion as I proudly announce the groundbreaking $617 million Investment in Digital Economy & Creative Enterprises Fund also known as the IDICE Fund.

“This fund signifies a remarkable opportunity to propel economic growth and development within Nigeria’s burgeoning digital and creative economy. This fund represents a beacon of hope and opportunity for our creative community, offering unprecedented access to startup capital and resources essential for nurturing talent and fostering innovation.

“The IDICE Fund epitomizes the administration of His Excellency, Mr. President Bola Ahmed Tinubu’s unwavering commitment to empowering our creatives and entrepreneurs, fueling economic growth, and driving socio-economic transformation across Nigeria.

“In line with the Ministry of Art, Culture and the Creative Economy’s comprehensive 8-point plan agenda, it lays the foundation for sustainable financing, skills development, and market access within the digital and creative ecosystem.

“Speaking of ecosystems, the Omniverse summit presents a unique platform to network with industry leaders, gain insights from experts, and contribute to the development of policies and initiatives that will drive African innovation, creativity, and entrepreneurship forward.

“Collaboration and engagement among industry players and policymakers are paramount in unlocking the full potential of Nigeria’s creative economy. I urge each of you present today to actively engage, foster collaboration, and forge bonds that will not only drive our economy but also reshape the creative landscape of our nation.”