FG Unveils $617m Funding Initiative For Nigeria’s Digital And Creative Industries

The Federal Government has announced a $617 million financing initiative aimed at strengthening Nigeria’s digital and creative industries, improving access to funding and attracting private investment.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Thursday at the opening of the 2026 Creative Africa Nexus Weekend (CANEX) in Lagos.

Oduwole said the funding would be channelled through the Bank of Industry under the Investment in Digital and Creative Enterprises (iDICE) programme, with support from the Office of the Vice-President.

NSCDC Disciplines 66 Officers Nationwide Over Misconduct, Alleged Arms Dealing

She explained that the initiative would provide young entrepreneurs and businesses in the technology and creative sectors with access to finance, enterprise support, skills development and infrastructure.

FG Targets Investment Across Creative Industry Value Chain

The minister said the government was seeking to attract investment across different segments of the creative economy, including music, film, literature, fashion, gastronomy, sports, gaming, crafts, design and creative technology.

“Our ambition is a deal from every part of the creative economy, from performing arts to film to literature to gastronomy to fashion to sports and gaming to craft and design to creative technology and infrastructure,” she said.

According to Oduwole, the initiative is designed to unlock the commercial potential of Nigeria’s creative talents while creating opportunities for businesses to expand and compete internationally.

She stressed that access to finance and the right infrastructure would be critical to building sustainable businesses in the sector.

Oduwole Cites Mavin Records As Investment Success Story

Oduwole identified the investment history of Mavin Records as an example of the Nigerian creative industry’s ability to attract institutional investors and generate commercial returns.

She recalled that Kupanda Capital and TPG Group invested more than $10 million in the music label, founded by Don Jazzy, in 2019.

Universal Music Group acquired a majority stake in Mavin Records in 2024, providing an exit opportunity for TPG.

The minister said the transaction demonstrated that investments in Nigerian creative businesses could deliver returns.

“Today, when an investor asks a Nigerian filmmaker or music executive, ‘How do I get my money back?’ They can point to the Mavin deal as a win for the investors in our creative economy,” she said.

“Yet, we need more of that profit to stay in the hands of more of our creatives, right here at home.”

She added that the government wanted more Nigerian creatives and businesses to retain value from the commercial success of their intellectual property and creative products.

FG Highlights Digital Trade And Intellectual Property Reforms

The minister also highlighted government efforts to improve market access and strengthen intellectual property protection.

Among the initiatives she mentioned were Nigeria’s recognition as a co-champion of the African Continental Free Trade Area (AfCFTA) Protocol on Digital Trade in February 2025 and the Federal Executive Council’s approval of the country’s first National Intellectual Property Policy and Strategy in November 2025.

Oduwole said the digital trade framework would help Nigerian businesses expand into other African markets through services such as music licensing, film production and distribution.

She also 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.

Nigeria’s bid to host the 2027 Intra-African Trade Fair is another part of the government’s strategy to attract international investment and promote local businesses.

According to Oduwole, President Bola Tinubu approved the bid in November 2024.

The proposed event is expected to coincide with the 50th anniversary of FESTAC ’77 and the reopening of the National Theatre as the Wole Soyinka Centre for Culture and Creative Arts.

2026 CANEX Records 17,000 Registrations

Oduwole also announced that the 2026 CANEX attracted 17,000 registrations, compared with 6,000 recorded at its previous edition.

“We beat every record with this CANEX. The last CANEX had 6,000 people. We had to stop registration at 17,000 people,” she said.

The increased participation, she noted, reflected growing interest in Africa’s creative economy and the opportunities available to businesses operating in the sector.

Shettima Urges African Countries To Remove Trade Barriers

Meanwhile, Vice-President Kashim Shettima called on African governments to remove trade barriers preventing creative businesses from distributing their products and receiving payments across the continent.

Shettima said creativity had become an increasingly important component of international trade, urging African countries to turn their cultural resources into commercial opportunities.

He described the 2026 CANEX gathering as an opportunity for African creatives to move beyond cultural recognition and secure concrete business partnerships.

“From FESTAC ’77 to CANEX 2026, Africa returns to the same stage, but we return with a difference. In 1977, we came to celebrate our culture. In 2026, we come to capitalise on it, to turn the applause of the world into contracts, its admiration into markets, and the talent of our young people into enduring wealth,” he said.

The Vice-President also commended the African Export-Import Bank (Afreximbank) for committing $2 billion to support the continent’s creative industries through 2027.

Shettima Wants Creatives To Secure Business Deals

Shettima recalled that the 2024 CANEX attracted nearly 4,000 participants from 81 countries and facilitated deals worth more than $540 million.

He urged participants at the Lagos event to focus on securing investment agreements, distribution partnerships and commercial opportunities rather than leaving with memories of the gathering alone.

“To our creatives, do not leave Lagos with memories alone. Leave with a signed term sheet, a distribution deal, and a buyer’s handshake. The world is ready to pay for what you make,” he said.

He further called for stronger cooperation among African countries to remove restrictions that prevent creative businesses from accessing markets, distributing content and receiving payments across national borders.

The Federal Government said the financing initiative, alongside reforms to intellectual property protection and digital trade, would help position Nigeria as a leading destination for investment in Africa’s creative economy.