Big Boost For Nigerian Creatives As Tinubu Government Announces $617m Investment Plan

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-sector investment.

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

Oduwole explained that 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.

According to the minister, the government intends to attract investments across different segments of the creative economy, including music, film, literature, fashion, gastronomy, sports, gaming, crafts, design and creative technology.

Oduwole cited the investment history of Mavin Records as evidence of the Nigerian creative industry’s potential to attract institutional investors and deliver 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, before Universal Music Group acquired a majority stake in the company in 2024, providing TPG with an exit opportunity.

She said the transaction demonstrated how investors could recover their investments in Nigerian creative businesses, while stressing the need for more profits to remain within the country and benefit local creatives.

The minister also highlighted government efforts to expand market access and strengthen intellectual property protection. These include 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.

She explained that the digital trade framework would help Nigerian businesses reach other African markets through services such as music licensing, film production and distribution.

Oduwole further disclosed that the government unveiled its Creative Sector Investment Playbook at the World Economic Forum in Davos in January 2026 to identify investment opportunities across the industry.

She also said Nigeria’s bid to host the 2027 Intra-African Trade Fair formed part of efforts to attract international investment and promote local creative businesses. According to her, President Bola Tinubu approved the country’s bid in November 2024, with the event 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.

The minister revealed that the 2026 CANEX event recorded 17,000 registrations, compared with 6,000 at its previous edition, describing the turnout as a major milestone.

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 force in Africa’s creative trade.

Shettima described creativity as an increasingly important component of international commerce, urging African countries to transform their cultural resources and talents into sustainable business opportunities.

He recalled the significance of FESTAC ’77 and said CANEX 2026 represented an opportunity for Africa to move beyond celebrating its culture to generating commercial value from it.

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 noted 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 tangible business agreements, distribution partnerships and investment opportunities rather than leaving with memories alone.

He also called on African governments to dismantle trade barriers preventing creative businesses from distributing their products and receiving payments across the continent.

According to Bush Radio Academy, the Federal Government’s $617 million initiative is expected to strengthen the financing ecosystem for Nigeria’s creative and digital businesses while supporting their expansion into international markets.