Business News

Culture Minister, Hannatu Musawa satys $617m iDICE Fund will drive Economic expansion 

The Minister of Arts, Culture, and Creative Economy, Hannatu Musawa, expressed optimism that the $617 million investment in the Digital Economy and Creative Enterprises (iDICE) fund would catalyze cultural and economic growth.  

Speaking during the launch of iDICE and the inaugural Omniverse summit in Lagos on Tuesday, the minister highlighted the transformative potential of the fund. 

Musawa pointed out the significance of the iDICE fund as a pivotal opportunity to fuel economic development in Nigeria’s burgeoning digital and creative sectors.  

She stressed that the fund aimed at both cultural and economic expansion while promoting inclusivity to eliminate barriers. 

The minister clarified that the iDICE fund was not a substitute for the intervention fund for the arts, and discussions regarding the latter were ongoing.

Musawa also lauded the Omniverse Summit as a unique platform for networking, gaining insights, and contributing to the development of policies that drive African innovation, creativity, and entrepreneurship.  

The iDICE fund and platforms like the Omniverse summit were described as catalysts providing support and access to global markets.

Ife Adebayo, National Programme Coordinator of the IDICE fund, explained that Adventure Capital Ltd would disburse the funds, with financial backing from institutions like the African Development Bank, Islamic Development Bank, Agence Française de Développement, and the Bank of Industry (BOI). 

The Omniverse summit, convened by the National Council for Arts and Culture and chaired by Obi Asika, aimed at fostering collaboration and networking within the industry. Charles Emembolu, Co-Convener of the Omniverse summit, emphasized the need for collaboration, investment, and participation in a digital revolution that transcends borders.

The event, supported by ecosystem players and the German Consulate, serves as a platform to explore Nigeria’s ripe digital landscape and build partnerships for future achievements.