The Federal Government has announced a $617 million financing initiative to support Nigeria’s digital and creative industries, improve access to funding and attract private investment into the sectors.
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.
She said the initiative would provide young Nigerian entrepreneurs and businesses in the technology and creative sectors with access to finance, enterprise support, skills development and infrastructure.
The minister said the government was targeting investment across the creative value chain, 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.
Oduwole cited the investment in Mavin Records as an example of the Nigerian creative industry’s ability to attract institutional investors and generate commercial returns.
In 2019, Kupanda Capital and TPG Group invested more than $10m in the music label founded by Don Jazzy. Universal Music Group acquired a majority stake in Mavin Records in 2024, providing TPG with an exit opportunity.
According to the minister, the transaction demonstrates how investors can recover their investments in Nigerian creative businesses.
“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 also highlighted government efforts to improve market access and strengthen intellectual property protection.
These include Nigeria’s recognition as 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.
The minister added 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.
Naija News gathered that Nigeria’s bid to host the 2027 Intra-African Trade Fair is also part of efforts to attract international investment and promote local creative businesses.
Oduwole said President Bola Tinubu approved the bid in November 2024. The 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.
Oduwole further disclosed that the 2026 CANEX attracted 17,000 registrations, compared with 6,000 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.
Meanwhile, Vice-President Kashim Shettima said the Federal Government was working to strengthen intellectual property protection, improve access to finance and position Nigeria as a leading player in Africa’s creative trade.
Shettima described creativity as an increasingly important part of international trade and urged African countries to turn their cultural assets into commercial opportunities.
“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.
He recalled that the 2024 CANEX attracted nearly 4,000 participants from 81 countries and facilitated deals worth more than $540 million.
Shettima urged creatives attending the Lagos event to pursue concrete business agreements, distribution partnerships and investment opportunities.
“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 also called on African governments to remove trade barriers that restrict creative businesses from distributing their products and receiving payments across the continent.
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