FG initiative targets capital gap in Nigeria鈥檚 creative economy
Nigeria's Investment in Digital and Creative Enterprises iDICE programme aims to address the capital shortage in the country's creative economy. Speaking at the QEDNG Creative Powerhouse Summit 2.0 in Lagos, National Coordinator of iDICE, Ife Adebayo, highlighted Nigeria's abundant creative talent but noted the lack of capital, skills, infrastructure, and systems to develop sustainable businesses. The iDICE Programme, implemented by the Bank of Industry BOI, supports technology and creative sectors through skills development, enterprise support, and access to finance. The financing structure includes the iDICE Fund of Funds, with a minimum target capitalization of $170.6 million, managed by Kuramo Capital Management. The Federal Government has committed $85.3 million through iDICE, with Kuramo mandated to raise matching private capital. This fund will invest through venture-capital and micro-venture-capital funds. Additionally, the BOI has launched an iDICE Debt Fund and an Islamic Development Bank Murabaha Debt Fund, totaling $110 million for technology and creative-sector startups. Adebayo emphasized that these options provide creators with broader access to capital, including equity and debt. The program is also developing an intellectual-property securitization framework to enhance the financial value of creative intellectual property. Nigeria's creative industries, despite attracting international attention, face challenges in accessing institutional finance and protecti
