To boost entrepreneurship and innovation in the digital economy and creative sectors, the Federal Government has pledged a significant investment of $617 million.
The iDICE fund initiative seeks to offer vital support and resources to up-and-coming talent in Nigeria, fostering entrepreneurship and innovation within the country.
Addressing attendees at the African Fashion and Arts Award Business and Mentorship Summit in Abuja, Ayo Adeagbo, the Special Assistant to the President on Arts, Culture, and Creative Economy, introduced this pioneering initiative.
He emphasized the importance of the initiative in nurturing 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. It showcases President Bola Tinubu’s steadfast dedication to uplifting artists and business owners, stimulating financial progress, and leading societal change throughout Nigeria.
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.
Further demonstrating their commitment to fostering growth and innovation within the sector, Providus Bank has allocated a dedicated N5 billion loan facility to support Nigerian creatives.
Underlining the significance of collaboration between the private sector and government, Kayode Aiyegbusi, Acting Director of the FCT Department of Arts and Culture, stressed the importance of synergy to propel 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 infusion of $617 million into the digital economy and creative enterprises marks a substantial stride towards nurturing innovation, entrepreneurship, and growth within Nigeria’s dynamic creative sector.
