{"id":18204,"date":"2024-02-02T13:31:32","date_gmt":"2024-02-02T13:31:32","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=18204"},"modified":"2024-02-02T13:31:32","modified_gmt":"2024-02-02T13:31:32","slug":"fg-afdb-to-launch-617m-idice-fund-for-digital-creative-industries","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/02\/02\/fg-afdb-to-launch-617m-idice-fund-for-digital-creative-industries\/","title":{"rendered":"FG, AfDB to Launch $617m IDICE Fund for Digital, Creative Industries"},"content":{"rendered":"

 <\/p>\n

The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has finalized plans to introduce a $617 million IDICE Fund targeting the digital technology and creative sectors. The Minister of Art, Culture, and Creative Economy, Hannatu Musawa, revealed this development during a high-level meeting with the Director-General of AfDB, Lamin Barrow, in Abuja on February 1, 2024.<\/p>\n

Key Highlights:<\/strong><\/p>\n

    \n
  1. Objective of IDICE Fund:<\/strong> The fund aims to foster entrepreneurship and innovation in the digital technology and creative industries, addressing challenges related to access to risk capital and innovation ecosystem capacity faced by startups.<\/li>\n
  2. Minister’s Enthusiasm:<\/strong> Minister Musawa expressed eagerness about the program, stating that the IDICE Fund is a landmark transaction providing a strategic platform for directing long-term financing into the dynamic creative sector. She anticipated providing startup funds to young creatives to develop and monetize their talents.<\/li>\n
  3. Conditions Nearing Completion:<\/strong> Musawa commended AfDB and other involved parties for nearing completion of the conditions precedent for the release of IDICE funds. She highlighted the impact investment focus and the potential for employment generation.<\/li>\n
  4. IDICE Structure:<\/strong> The IDICE structure consists of two major components – the intervention fund ($147 million) supporting enterprise and skills development, and the sectoral fund ($433 million) divided into categories such as Creative Fund, Tech Fund, and Fund of Funds.<\/li>\n
  5. Strategic Positioning of Nigeria:<\/strong> Nigeria, having solidified its position as a global hub for music, film, and visual art, aims to leverage the IDICE funds for further expansion within the creative industry, encompassing design, gaming, content creation, animation, culinary arts, and publishing.<\/li>\n
  6. AfDB’s Role:<\/strong> AfDB appointed the Bank of Industry as the executing agency to manage program implementation, reporting directly to the steering committee. The initiative also seeks strategic partnerships with universities, polytechnics, technology companies, and key players in the private sector.<\/li>\n
  7. Anticipated Impact:<\/strong> IDICE Fund is anticipated to unleash significant growth, catalyzing over $1 billion in the creative economy upon full deployment.<\/li>\n<\/ol>\n

    The IDICE Fund represents a major stride towards fostering innovation and entrepreneurship in Nigeria’s digital and creative landscape, with the potential to drive substantial economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

      The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has finalized plans to introduce a $617 million IDICE Fund targeting the digital technology and creative sectors. The Minister of Art, Culture, and Creative Economy, Hannatu Musawa, revealed this development during a high-level meeting with the Director-General of AfDB, Lamin Barrow, […]<\/p>\n","protected":false},"author":12,"featured_media":18207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=18204"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18204\/revisions"}],"predecessor-version":[{"id":18222,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18204\/revisions\/18222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/18207"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=18204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=18204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=18204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}