The Federal Government is looking for to unlock greater than $600 million in funding for Nigeria’s digital and inventive industries by way of the Investment in Digital and Creative Enterprises (IDICE) programme.
The initiative was highlighted on Thursday on the opening of the Creative Africa Nexus (CANEX) Weekend 2026 in Lagos, the place authorities officers outlined measures to draw funding, enhance entry to finance, strengthen mental property safety and develop alternatives for companies within the sector.
Vice President Kashim Shettima, who represented President Bola Tinubu, mentioned the funding commitments mirrored a shift in how governments view the inventive business.
“Creativity is now a trade sector, and we intend to treat it as one,” he mentioned on the Wole Soyinka Centre for Culture and Creative Arts, previously the National Theatre, Iganmu.
President of Afreximbank, Dr George Elombi, mentioned the United Nations Economic Commission for Africa (ECA) valued the continent’s inventive economic system at $60 billion, accounting for simply two per cent of the worldwide market.
He famous that regardless of the worldwide success of African inventive expertise, a lot of the financial worth generated from their work was captured by international corporations controlling distribution platforms, catalogues, branding and advertising channels.
“Our talent is global, our share of the value, unfortunately, is only local,” he mentioned.
Elombi mentioned Afreximbank had elevated its funding dedication to the inventive sector from $500 million to $1 billion earlier than elevating it additional to $2 billion in 2024 in response to rising demand.
He mentioned the funding would help manufacturing amenities, distribution, branding, advertising, logistics and mental property growth.
The financial institution has additionally established the Pan-African Film Fund for Production and Distribution and is investing in African movies, music catalogues and compositions by way of CANEX.
Elombi urged inventive professionals to register and defend their mental property, noting that correctly documented rights may very well be valued and used as collateral to safe financing.
He additionally known as on African governments to extend funding in studios, efficiency venues and expertise growth, warning towards cuts to cultural budgets in periods of financial problem.
Shettima mentioned Afreximbank’s $2 billion dedication would run by way of 2027.
He added that the 2024 CANEX version in Algiers, Algeria, attracted practically 4,000 members from 81 international locations and generated offers value greater than $540 million.
The Vice President urged members to make use of the Lagos version to safe tangible enterprise alternatives, together with financing and distribution agreements, somewhat than treating the gathering as one other networking occasion.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, mentioned the Federal Government had launched measures to strengthen the coverage and funding framework for the inventive economic system.
She mentioned the Federal Executive Council permitted Nigeria’s first National Intellectual Property Policy and Strategy in November 2025.
Oduwole added that the Creative Sector Investment Playbook, unveiled on the World Economic Forum in Davos in January 2026, recognized funding alternatives in areas together with studio financing and nationwide distribution of Nigerian content material.
She mentioned the $600 million Investment in Digital and Creative Enterprises programme, led by the Office of the Vice-President and the Bank of Industry, was designed to enhance entry to funding for companies within the sector.
The minister additionally disclosed that Nigeria was co-championing the African Continental Free Trade Area Protocol on Digital Trade, which may facilitate cross-border music licensing, movie distribution and manufacturing companies.
According to her, registration for this 12 months’s CANEX closed at 17,000 members, in contrast with 6,000 on the earlier version.
She mentioned the occasion additionally fashioned a part of preparations for the 2027 Intra-African Trade Fair, which Nigeria secured the fitting to host in November 2024, as a part of actions marking 50 years since FESTAC ’77.
Lagos State Governor, Babajide Sanwo-Olu, mentioned the state had invested in theatres, cultural centres and occasions to help the event of inventive expertise.
He urged younger creatives to register, defend and correctly worth their works to draw funding.
Also talking on behalf of the inventive sector, actor Richard Mofe-Damijo mentioned expertise alone couldn’t maintain the business with out ample financing, mental property safety and dependable distribution channels.
He cited the United States, South Korea and India as examples of nations that had remodeled their inventive industries into main sources of commerce and tourism income.
Faridah Abdulkadiri
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