SNOW TV NEWS DESK
The Federal Government has announced a $617 million financing initiative aimed at strengthening Nigeria’s digital and creative industries, improving access to capital for young entrepreneurs, and attracting more private investment into the country’s growing creative economy.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the initiative on Thursday at the opening of the 2026 Creative Africa Nexus Weekend (CANEX) in Lagos.
According to the minister, the funding will be channelled through the Bank of Industry under the Investment in Digital and Creative Enterprises (iDICE) program, with support from the Office of the Vice-President.
She explained that the initiative would provide businesses and young entrepreneurs with access to financing, business development support, skills training, and essential infrastructure to help them grow and compete internationally.
The program is expected to cover several areas of the creative economy, including music, film, fashion, literature, gaming, sports, crafts, gastronomy, design, and creative technology.
Oduwole noted that Nigeria already has examples of successful creative businesses attracting international investors, citing the investment and subsequent ownership changes involving Mavin Records as evidence of the sector’s commercial potential.
She recalled that Kupanda Capital and TPG Group invested more than $10 million in the music label in 2019, before Universal Music Group acquired a majority stake in 2024.
According to her, the transaction demonstrated that Nigerian creative businesses could generate returns for investors, although more profits should remain within the country to benefit local talents and entrepreneurs.
The minister also highlighted government efforts to expand market access and protect intellectual property, including Nigeria’s role in advancing the African Continental Free Trade Area (AfCFTA) Protocol on Digital Trade and the approval of the country’s first National Intellectual Property Policy and Strategy.
She further disclosed that the government launched its Creative Sector Investment Playbook at the World Economic Forum in Davos in January 2026 to identify investment opportunities across the industry.
Meanwhile, Vice-President Kashim Shettima called on African governments to remove trade restrictions that prevent creative businesses from distributing their products and receiving payments across the continent.
He argued that Africa must move beyond celebrating its cultural heritage and begin converting its creative talent into sustainable businesses, jobs, and economic opportunities.
Shettima also commended the African Export-Import Bank (Afreximbank) for committing $2 billion to support the continent’s creative industries through 2027.
He urged participants at CANEX to focus on securing practical business agreements, investment commitments, and international distribution partnerships rather than leaving the event with networking experiences alone.
The 2026 CANEX reportedly attracted 17,000 registrations, a significant increase from the 6,000 recorded at its previous edition.
The development reflects growing interest in Africa’s creative economy, but the real test of the Federal Government’s $617 million initiative will be how effectively the funding reaches local entrepreneurs, supports sustainable businesses, and ensures Nigerian creatives earn more from the intellectual property they produce.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
