Development Banks Support Funding Scheme for Nigeria’s Digital, Creative Sectors

The Nigerian creative sector has a lot of promise, but insufficient assistance, particularly in the area of financing, has had a significant negative impact. It will start to gain more worldwide appeal with the right funding.

After the “Investment in Digital and Creative Entrepreneurs (i-DICE)” program was introduced in Abuja on Monday, there does appear to be some promise.

The African Development Bank (AfDB) President, Dr. Akinwumi Adesina, Vice President of Nigeria, Prof. Yemi Osinbajo, and other partners were all present for the event.

The project, which intends to attract vital capital to Nigeria’s creative and digital sectors, is co-financed by the African Development Bank, the Islamic Development Bank, and the French Agency for Development, with matching funding provided by the Bank of Industry (BoI).

The event will kick off a flagship program that will provide crucial support to Nigeria’s digital and creative industries, according to an AfDB release.

AfDB, in a statement, said the launch would mark the debut of a flagship project that would drive essential support for Nigeria’s digital and creative industries.

i-DICE is a substantial action plan, according to the African Development Bank (AfDB), that aims to dramatically increase entrepreneurship and innovation in digital technology and creative sectors including cinema, fashion, and music.

The program is a component of the Federal Government of Nigeria’s initiatives to develop a healthier, greener, and more inclusive economy and to provide youngsters in the nation with long-term work possibilities.

It aims to solidify the nation’s status as Africa’s top startup investment destination and center for young entrepreneurship. The statement claims that the BoI, which also acts as the executing agency, is receiving counterpart financing from the Federal Government of Nigeria.

The program would be supervised by a steering group led by the vice president’s office, working with a technical committee made up of business executives and ministerial representatives.