The Federal Government’s Investment in Digital and Creative Enterprises (iDICE) programme is targeting the shortage of capital facing creative businesses as part of efforts to build a sustainable financing ecosystem around Nigeria’s growing creative economy.
Speaking at the QEDNG Creative Powerhouse Summit 2.0 in Lagos on Tuesday, National Coordinator of iDICE, Ife Adebayo, said Nigeria had significant creative talent but lacked the capital, skills, infrastructure and systems required to transform that talent into sustainable businesses.
The iDICE programme, implemented by the Bank of Industry (BOI), is a Federal Government initiative designed to support Nigeria’s technology and creative sectors through skills development, enterprise support and access to finance.
Adebayo said the programme was structured to provide creators with a pathway from skills acquisition to enterprise development and financing, rather than relying on one-off government interventions.
A key component of the financing strategy is the iDICE Fund of Funds, which has a minimum target capitalisation of $170.6 million.
The BOI appointed Kuramo Capital Management in July to manage the fund. Under the arrangement, the Federal Government is providing an $85.3 million anchor commitment through iDICE, while Kuramo has been mandated to mobilise matching private-sector capital.
The fund is expected to invest through venture capital and micro-venture capital funds focused on technology and creative businesses.
Rather than providing all the capital directly to individual creative companies, the structure is designed to channel funding through specialised investment funds that can identify, support and scale viable businesses within Nigeria’s technology and creative sectors.
Adebayo said the approach was aimed at addressing the financing gap in the creative economy while creating a more sustainable ecosystem capable of supporting businesses beyond the initial stages of development.
