Nigeria's Minister of Arts, Culture, and Creative Economy, Hannatu Musawa, unveiled a $617 million initiative on Tuesday at the inaugural Omniverse summit in Lagos. Expressing optimism, Musawa believes the fund will act as a catalyst for substantial cultural and economic development.
The Investment in Digital Economy and Creative Enterprises (iDICE) fund aims to be a "game-changer" for the nation's thriving digital and creative sectors.
The minister highlighted the fund's dual focus: supporting cultural and economic expansion while promoting inclusivity and removing barriers. This aligns with the ministry's broader plan to ensure sustainable financing, skill development, and market access within the creative and digital ecosystem.
Musawa clarified that iDICE is not meant to replace the existing intervention fund for the arts, and discussions regarding the latter are ongoing.
She emphasized the importance of collaboration between industry players and policymakers to unlock the full potential of Nigeria's creative economy. The Omniverse summit was lauded as a platform for such collaboration, fostering networking and contributing to policy development in the areas of innovation, creativity, and entrepreneurship.
Adventure Capital Ltd will manage the fund, with financial backing from various institutions, including the African Development Bank, Islamic Development Bank, Agence Française de Développement, and the Bank of Industry (BOI).
The Omniverse summit, co-convened by the National Council for Arts and Culture and chaired by Obi Asika, aims to encourage collaboration and networking within the creative and digital industries.
Supported by various stakeholders including the German Consulate, the event serves as a platform to explore Nigeria's potential in the digital landscape and build partnerships for future success.
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