The Federal Government’s Investment in Digital and Creative Enterprises programme is targeting the shortage of capital available to creative businesses as it seeks to build a stronger financing system around Nigeria’s growing creative economy.

Speaking at the QEDNG Creative Powerhouse Summit 2.0 in Lagos, the National Coordinator of iDICE, Ife Adebayo, said Nigeria had abundant creative talent but lacked sufficient capital, skills, infrastructure and systems to turn that talent into sustainable businesses.

The iDICE programme, implemented by the Bank of Industry, provides support to the technology and creative sectors through skills development, enterprise support and access to finance.

Adebayo said the programme was designed to take creators from skills development to enterprise development and financing rather than treating government support as a one-off intervention.

The financing structure includes an iDICE Fund of Funds with a minimum target capitalisation of $170.6m. The Federal Government has committed $85.3m as anchor funding, while Kuramo Capital Management has been mandated to raise matching private capital.

The programme also includes debt financing. The Bank of Industry has rolled out an iDICE Debt Fund and an Islamic Development Bank Murabaha Debt Fund, with a combined $110m earmarked for technology and creative-sector startups.

Adebayo said the programme was also working on an intellectual-property securitisation framework that could give creative intellectual property greater financial value.

He noted that Nigeria’s creative industries, including film, music, fashion and animation, were attracting international attention but continued to struggle with institutional financing and the protection and commercialisation of intellectual property.

The programme is also supporting skills development, with the Bank of Industry establishing or revamping digital and creative hubs in 66 institutions, including universities and polytechnics.

The initiative is co-financed by the Federal Government, African Development Bank, Agence Française de Développement and Islamic Development Bank, with the Bank of Industry serving as implementing agency.

Adebayo said the ultimate goal was to move Nigerian creators from informal and under-financed activities into structured businesses capable of attracting investment and generating greater economic value.