Nigeria's Government Launches $617M Initiative for Creative Industries

The Federal Government of Nigeria has launched a $617 million financing initiative to support the digital and creative industries, announced by Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, during the 2026 Creative Africa Nexus Weekend in Lagos. The funding will be managed through the Bank of Industry under the Investment in Digital and Creative Enterprises (iDICE) program, with backing from the Office of the Vice-President.

This initiative aims to provide young Nigerian entrepreneurs in technology and creative sectors with access to finance, enterprise support, skills development, and infrastructure. Oduwole emphasized the government's goal to attract investment across various creative sectors, including music, film, literature, and fashion.

She cited the investment in Mavin Records as a successful example of attracting institutional investors. The initiative also includes efforts to enhance market access and intellectual property protection, with Nigeria recognized as a co-champion of the AfCFTA Protocol on Digital Trade and the approval of the National Intellectual Property Policy and Strategy.