Nigeria's iDICE Programme Targets Creative Economy Funding

The Federal Government of Nigeria has launched the Investment in Digital and Creative Enterprises (iDICE) programme to tackle the capital gap in the country's creative economy. Speaking at the QEDNG Creative Powerhouse Summit 2.0 in Lagos, Ife Adebayo, the National Coordinator of iDICE, emphasized the need for capital, skills, infrastructure, and systems to transform Nigeria's abundant creative talent into sustainable businesses.

The iDICE programme, implemented by the Bank of Industry, aims to provide a structured path from skills development to enterprise and financing. It includes the iDICE Fund of Funds, targeting a minimum capitalization of $170.6 million, with the Federal Government committing $85.3 million.

Kuramo Capital Management was appointed in July to manage the fund, which will invest in technology and creative businesses through venture-capital and micro-venture-capital funds. Additionally, the programme has a debt component, with $110 million allocated for startups in the sector.

Adebayo noted the importance of intellectual property securitization to enhance the financial value of creative assets.