The federal government has disclosed that it is currently vetting the second batch of applications for the N5 billion creative fund, in partnership with Providus Bank.
The government said full implementation of the $617 million IDICE programme would change the country's creative sector.
Special Assistant to the President on Digital and Creative Economy, Mr. Fegho Umunubo, made the assertions yesterday in Lagos, in his address at the American Business Council's investment forum.
Umunubo stated that as the sector evolved and flourished, it was necessary to foster an enabling environment that would support the creative talents and entrepreneurial endeavours of the Nigerian youth.
He said skills acquisition remained one of the valuable empowerment initiatives, especially within the country's creative space. He added that his office was driving various initiatives to train over 60,000 individuals aged between 18 and 45 in fashion, film, and arts across different states in Nigeria.
According to Umunubo, "Recognising the paramount significance of access to finance as a pivotal challenge for the creative industry, Federal Government successfully established the N5 billion creative fund, in partnership with Providus Bank, dedicated to supporting creatives in Nigeria.
"N1.5 billion has already been disbursed to some creatives under the first batch and we are currently vetting the applications under the second batch."
Umunubo stressed, "Despite its current contribution of $5 billion to the economy, the Nigerian creative industry is poised for further expansion, with its various sub-sectors at different stages of development.
"This presents an opportunity for increased investment, innovation, and collaboration to unlock the full potential of the creative economy in Nigeria."
The presidential aide said by investing in skills development, infrastructure, and creative enterprises, Nigeria could harness the full transformative power of its creative economy, and drive sustainable growth and prosperity for the country.
According to him, "In alignment with the current administration's vision to position Nigeria as a global investment hub by accelerating diversification through creative arts and innovation, the federal government has set forth a strategic focus on driving human capital development, providing essential infrastructure, and facilitating access to finance within the creative ecosystem.
"The $617million IDICE programme will become a game changer in the creative industry when the implementation starts properly. The programme aims to provide the following: capacity development, provision of Infrastructure support for all the sub sectors of the creative industry and access to Finance for Creatives across the country."
Earlier, Chief Executive Officer of the American Business Council, Ms. Margaret Olele, said the council realised that the sector could drive the influence of Nigerian culture across the continent, hence, the forum.
Olele said, "But more importantly, we have an opportunity to ramp up our economy just through this and to see where some of these investments are and to be able to channel them appropriately to this area."
She stressed the significance of a more cohesive outlook towards investment and funding, and emphasised how "we can have a one-stop shop where anyone who is keen to invest or who wants to invest will say, okay, I have my investment in this sector, I want to invest in this sector, where are the potential areas?
"And so you are able to have a clear matchmaking. That is one role we want to play and we want to play the role that we can have some strategic matchmaking through fundee and funders to ramp up the creative sector. That is really the essence of this project that we are doing."
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USAID/Nigeria Senior Trade and Investment Adviser, Ms. Evelyn Rekia Ayivor, stated that Nigeria was well-positioned to become a major player in the creative global economy.
However, Ayivor said to fully unlock the potential of the sector, the country must address critical challenges that still hindered growth, like access to finance, gaps in infrastructure, intellectual property protection, and the need for more trained professionals across the creative value chain.
She stated, "This is why today's discussion is so important. It is not just about identifying opportunities, but about finding solutions - solutions that will strengthen the creative sector's capacity, attract sustainable investment, and ensure that Nigerian creatives can compete not just regionally, but globally."
