The Minister of Art, Culture and the Creative Economy Hannatu Musawa is set to roll out a $617 Million IDICE Fund in collaboration with the African Development Bank (AfDB).
Channels tv reports that Musawa at a high-level meeting in Abuja on Thursday with the Director General of AfDB, Mr. Lamin Barrow, highlighted 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”.
Expressing her enthusiasm, Minister Musawa 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.”
The Minister commended AfDB and other parties to the transaction for the remarkable achievement, now being emulated by other African nations.
She applauded the impact investment focus which includes elements such as geographical spread, first loss position of the FGN and grants for capacity development, stressing that FMACCE will reflect this spirit in its nationwide awareness campaign on the initiative.
“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”.
Mr. Barrow, an integral part of the collaborative effort, provided insight into the fund structure, clarifying that IDICE is built around a world-class governance framework, incorporating a Steering Committee that includes Minister Musawa.