The Federal Government is unlocking more than $600m in financing for Nigeria's digital and creative industries to support businesses, attract private investment and expand the sectors' contribution to the economy. The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Thursday at the opening of the 2026 Creative Africa Nexus Weekend in Lagos. She said the financing was being facilitated through the Bank of Industry under the Investment in Digital and Creative Enterprises programme, known as iDICE, which is a $617m Federal Government initiative implemented in partnership with development finance institutions. The programme targets young Nigerian entrepreneurs and businesses in technology and creative sectors through enterprise support, skills development, access to finance and infrastructure.
Oduwole said the government wanted to attract investment across the entire creative value chain, including performing arts, film, literature, gastronomy, fashion, sports, gaming, crafts, design, creative technology and infrastructure. She pointed to the Mavin Records investment as evidence that Nigerian creative businesses could attract institutional investors and deliver commercial returns. In 2019, Kupanda Capital and TPG Group invested more than $10m in the Nigerian music label founded by music executive Don Jazzy. Five years later, Universal Music Group acquired a majority stake in Mavin Records, providing an exit opportunity for TPG. Oduwole said the government wanted more of the financial returns from Nigeria's creative success to remain with Nigerian creatives and businesses.
To support this ambition, the government has introduced several policy interventions. Nigeria was named co-champion of the African Continental Free Trade Area Protocol on Digital Trade in February 2025, a development that could expand opportunities for Nigerian creative businesses to sell services across African markets. The Federal Executive Council approved Nigeria's first National Intellectual Property Policy and Strategy in November 2025, developed in collaboration with stakeholders across government, the private sector and the World Intellectual Property Organisation. The government also released its Creative Sector Investment Playbook at the World Economic Forum in Davos in January 2026, which identifies investment opportunities across the industry.
Vice-President Kashim Shettima said the Federal Government was working to strengthen intellectual property protection, widen access to finance for creative businesses and position Nigeria to lead creative trade under the African Continental Free Trade Area. He cited the previous CANEX edition in 2024, which attracted nearly 4,000 participants from 81 countries and facilitated deals worth more than $540m. Afreximbank has committed $2bn to the sector through 2027, according to Shettima. The 2026 CANEX event attracted significantly more participants than its previous edition, with registration stopped after reaching 17,000 people, compared with 6,000 at the last event. Nigeria's bid to host the 2027 Intra-African Trade Fair, approved by President Tinubu in November 2024, is intended to provide a platform to showcase Nigerian businesses, cultural products and investment opportunities to African and international markets.
For savers, borrowers and investors in Nigeria, the financing initiative means expanded opportunities to fund or access capital for creative and digital enterprises through a dedicated government programme. Oduwole stressed that the government's objective was to ensure that the country's creative talent translated into jobs, commercial opportunities and shared prosperity, rather than remaining primarily a source of international recognition.