Manny Ita –
The Bank of Industry has officially been designated as the executing agency for the $500 million Investment in Digital and Creative Enterprises Programme, a major federal initiative aimed at accelerating growth across Nigeria’s digital and creative sectors.
The I-DICE programme is a multi-partner funding initiative backed by the Federal Government of Nigeria in collaboration with international development institutions, including the African Development Bank, Islamic Development Bank, and the Agence Française de Développement. With a total financing pool of $500 million, the programme is designed to unlock capital for entrepreneurs operating within Nigeria’s fast-growing creative and tech ecosystems.
As executing agent, BOI will be responsible for managing disbursement, overseeing project implementation, and ensuring that funds reach qualified startups and small businesses. The programme will primarily target sectors such as film, music, fashion, beauty, animation, gaming, and digital technology—industries increasingly recognized as critical drivers of youth employment and economic diversification.
A significant portion of the funding will be directed toward early-stage and growth-stage enterprises, with tailored financing instruments including grants, equity investments, and low-interest loans. In addition to financial support, beneficiaries will also gain access to business development services, mentorship programs, and technical training aimed at improving scalability and global competitiveness.
For beauty and fashion entrepreneurs, the initiative presents a major opportunity to expand operations, invest in modern equipment, and enhance product quality for both local and international markets. Industry stakeholders have noted that the inclusion of creative sub-sectors like beauty underscores a shift in policy focus toward monetizing Nigeria’s cultural assets and informal industries.
Government officials have emphasized that the programme aligns with broader national strategies to boost the digital economy, reduce unemployment, and position Nigeria as a leading hub for creative innovation in Africa. With BOI at the helm, implementation is expected to follow structured financing frameworks designed to ensure transparency, accountability, and measurable impact.
The rollout of the I-DICE programme is anticipated to begin in phases, with calls for applications and partnership opportunities expected to be announced in the coming months. Analysts say its success could significantly reshape the funding landscape for Nigeria’s creative economy, particularly for underserved sectors like beauty and fashion that have historically lacked access to formal financing channels.
