The Federal Government is stepping up efforts to address the funding and other structural challenges limiting the growth of Nigeria’s creative economy through its Investment in Digital and Creative Enterprises (iDICE) Programme.
National Coordinator of iDICE at the Bank of Industry (BOI), Ife Adebayo, disclosed this on Tuesday at the QEDNG Creative Powerhouse Summit 2.0 in Lagos.
Adebayo said Nigeria had no shortage of creative talent but needed stronger access to capital, skills, infrastructure and business support systems to transform creativity into sustainable enterprises.
According to him, the major challenge is not the availability of talent but the systems required to help creative entrepreneurs turn their ideas and skills into scalable businesses.
The iDICE Programme is a Federal Government initiative implemented by the Bank of Industry to strengthen Nigeria’s technology and creative sectors through skills development, enterprise support and access to finance.
The programme is co-financed by the Federal Government, the African Development Bank, the Agence Française de Développement and the Islamic Development Bank.
BOI says the programme has a total funding framework of about $617 million and is designed to support young Nigerians, particularly those between 15 and 35, involved in technology startups and creative businesses.
Its intervention includes financing, capacity development and ecosystem support, with the aim of improving access to capital and creating opportunities for entrepreneurship and job creation.
Adebayo’s comments came as policymakers, investors, business leaders and creative professionals gathered for the second edition of the QEDNG Creative Powerhouse Summit.
The summit, themed “Creativity, Culture and Nigeria’s Next Chapter,” focuses on the role of investment, innovation, culture and public policy in driving sustainable growth in Nigeria’s creative and cultural industries.
The Federal Government’s renewed focus on financing is expected to help bridge the gap between Nigeria’s large pool of creative talent and the capital needed to build competitive businesses capable of operating and expanding at scale.
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