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IDICE fund will revitalise economy and create two million jobs by 2027-Minister

The Federal Government has assured that the $617million (dollar) Investment in Digital lEconomy and Creative Enterprises Fund, also known as the IDICE Fund will revitalise the nation’s economy, make it a creative hub of Africa and provide two million Nigerians with job opportunities by 2027.


The Minister of Arts, Culture and Creative Economy, Hannatu Musa Musawa made the remark while declaring open the maiden edition of the OMNIVERSE Summit ( A new era of innovation and collaboration in Africa) and inauguration of the investment in digital and creative enterprises IDICE FUND in Lagos.


OMNIVERSE Summit is one of the biggest convergence of innovators, inventors and digital content creators aimed at shaping the future of the continent through technological development.


The Minister said the IDICE fund represents a beacon of hope and opportunity for the creative community, offering unprecedented access to startup capital and resources essential for nurturing of talent and fostering innovations.

Musawa explained that the IDICE Fund portrays the commitment of the present administration towards empowering the crreatives and entrepreneurs, as well as fueling economic growth, and driving socio-economic transformation across Nigeria.

Speaking of ecosystems, the minster said 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 Aftrican innovation, creativity, and entrepreneurship forward.

“‘Collaboration and engagement among industry players and policy makers are paramount to 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 alsol reshape the creative land scape of our nation….She said.

On musical awards including the headies and Grammy awards , Musawa who described Nigeria as the home of Afrobeats .said the ministry will give it’s support to stakeholders to come up with African/ Nigeria award that would showcase the huge potential in the music industry.
Nigeria according to her is at the forefront of the creative / music industry globally.
She explained that the president want to diversify from oil and the creative industry will give the economy the expansion it needed and would change the narrative of the country.


She regretted lack of data and proper foundational structure that was existing in the creative industry pointing out the need to collaborate with the stakeholders for proper planning and implementation of legal framework to move the industry forward.


Musawa said the IDICE Fund is a grant on its own but the ministry will go further and create an endowment fund as well as approach other financial institutions and private sectors that may have interest to invest and fund the sector, pointing out that the ministry would explore all the avenues to fund the industry and achieve economic expansion.


The National Programme Coordinator, IDICE Day FUND Mr Ife Adebayo who listed the funding banks including African Development Bank, Islamic development bank, Agence Francaise de development and Bank of Industry said the fund will be disbursed by Adventure Capital limited.
The Director General of the National Council For Arts and Culture, NCAC, Mr Obi Asika who is the convener of the Omniverse summit said the forum was created for collaboration and networking of which all the sectors are welcome including the academia.


In a remark, the chairman advisory board of Innovation Support Network, Mr Charles Emembolu who is a co- convener of Omniverse summit said Nigeria’s digital landscape is ripe with opportunities and looking back at 25 years ago was a nation that has overcome challenges, embraced innovation, and produced world-class unicorns.
He noted that the stage is now set for even greater achievements as the inaugural event, the Omniverse summit offers the perfect opportunity to experience the country ‘s digital innovation ecosystem, build partnerships and break silos.


Earlier in a keynote address, the German Consul General in Lagos Weet Borner assured Africans of the German government support towards fostering partnerships that will be beneficial to Africans.

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