Federal Government don begin serious move to solve one of the biggest wahala wey dey worry Nigeria creative industry — lack of money.
For QEDNG Creative Powerhouse Summit 2.0 wey happen for Lagos on Tuesday, National Coordinator of iDICE Programme, Ife Adebayo, yarn say Naija get plenty talented people for music, film, fashion, animation and tech space, but wetin dey hold many of dem back na say money, infrastructure and proper support system no dey.
According to am, too many talented Nigerians dey struggle because dem no get access to the kind funding wey fit turn ordinary hustle into big business.
Adebayo explain say iDICE Programme, wey Federal Government dey run through Bank of Industry (BOI), no be the normal empowerment package wey people go collect and finish. The programme get arrangement to train people, help dem build business and later connect dem with serious investors and funding opportunities.
One of the major plans under the programme na the iDICE Fund of Funds wey get target of over $170.6 million. Federal Government don already put about $85.3 million inside the project while Kuramo Capital Management get work to bring more private investors join the fund.
Instead make government dey share money directly, the fund go pass through venture capital companies wey go invest for creative and technology businesses wey get potential to grow.
Adebayo also reveal say another fund manager dey prepare to start direct investment for businesses inside the creative sector.
As if that one no reach, BOI don also launch two different debt funds — the iDICE Debt Fund and Islamic Development Bank Murabaha Debt Fund. Both funds together carry about $110 million wey dem reserve for startups and growing businesses for creative and tech industries.
According to am, the idea na to make creatives get different ways to access money, whether na through investment partnership or loans to expand their businesses.
The programme no stop there. Dem also dey work on better ways to give value to intellectual property. This one mean say songs, movies, animations, scripts and other original works fit become assets wey creators fit use attract investors and financial backing.
Adebayo talk say for too long, many Nigerian geniuses don dey survive on pure hustle without the support wey serious industries dey enjoy.
As Nigerian music, Nollywood films, fashion brands and animation content continue to blow internationally, many creative businesses still dey find am hard to collect loans, attract investors or properly protect their intellectual property.
The iDICE boss talk say e don reach time make Nigeria stop to dey see creativity as mere entertainment and begin treat am like a serious economic sector wey fit create jobs and bring billions of dollars enter the economy.
He use South Korea as example, saying that country take deliberate government investment, strong policies and infrastructure build entertainment products wey later become global exports.
According to am, Nigeria get the same level of talent and cultural power, but the structures wey go help the country maximize the money from am never fully dey ground.
For talent development side, BOI don start work to establish and upgrade digital and creative hubs for 66 universities, polytechnics and other institutions across the country. The aim na to train young people and prepare dem for employment and entrepreneurship opportunities.
The programme na partnership between Federal Government, African Development Bank (AfDB), Agence Française de Développement (AFD) and Islamic Development Bank.
Adebayo conclude say the goal na to move Nigerian creatives from street-level hustle and underfunded operations enter fully structured businesses wey investors fit trust and support.
In him words, if Nigeria begin to fund creatives like a real industry instead of just clapping for their talent, many of them fit build global companies wey go compete with the best for the world and generate serious wealth for the country.
