On Thursday, 2nd May, 2024, the Bank of Industry (BOI) hosted a landmark stakeholder engagement forum for the Investment in Digital and Creative Enterprises (iDICE) initiative. Held at the Four Points by Sheraton Lagos, the event drew a distinguished gathering of government officials, industry leaders, and creative professionals.

The stakeholder conference provided a necessary platform for insightful discussions, emphasizing iDICE’s potential to unlock economic prosperity through innovation and job creation. A collaborative initiative spearheaded by the Federal Government of Nigeria and executed by BOI, iDICE aims to propel significant investment in the nation’s technology and creative ecosystems. Co-funded by the African Development Bank (AFDB), Agence française de développement (AFD), Islamic Development Bank (IsDB), and private investors, iDICE embodies a collaborative effort towards sustainable growth and innovation.

The forum commenced with a powerful welcome address by Olasupo Olusi, MD/CEO of BOI as he emphasised the critical role of iDICE in propelling Nigeria’s economic growth. Citing a recent National Bureau of Statistics (NBS) report, he highlighted the creative industry’s existing contribution of over 2.3% to Nigeria’s GDP. With the support of iDICE, Mr Olusi expressed optimism that this contribution could rise to 5% within the next five years.

In his words, “Nigeria stands at a pivotal juncture where the fusion of technology and creativity has the potential to drive unprecedented growth and innovation. In fact, a recent report by the National Bureau of Statistics shows that the creative industry alone contributes over 2.3% to Nigeria’s GDP, and with the right support and investment, we can increase this contribution to 5% in the next 5 years.

“Research has shown that supporting the digital and creative economy can create over 2.7 million jobs in Nigeria by 2025. The global digital economy is projected to reach $23 trillion in 2025, and Nigeria must position itself to tap into this market. iDICE is a critical step in this direction.”

Following Mr Olusi’s address, the forum delved into engaging sessions featuring prominent figures in the digital and creative spheres. Mr Obi Asika, Director General of the National Council for Arts and Culture, presented the first strategic roadmap for the creative sector and economy.

Next, Femi Adeluyi, the iDICE technical committee co-chair, delivered a speech on the programme’s significance, emphasising the importance of institutional strengthening for long-term success. “It is very important to strengthen institutions; if not, we cannot have continuity. With iDICE, we’re ensuring that the kind of training that people have is the one that makes them globally relevant. We want a situation where we have local expertise, as well as being globally relevant,” he said.

Kashifu Inuwa, Director General/CEO of the National Information Technology Development Agency (NITDA), who was ably represented by Aristotle Onumo, delivered the second strategic roadmap. A representative of the African Development Bank, Tupira Muzira, also offered a goodwill message, solidifying the initiative’s collaborative spirit.

The forum included engaging, interactive panel discussions that fostered lively exchanges among the guests. Moderated by Tope Toogun, CEO of Cognity Advisory, the first panel titled “Optimising Stakeholder Engagement in Programme Delivery,” featured insightful contributions from the panelists.

The second panel, moderated by Joshua Adedeji, the Country Lead for the Global Alliance Africa Programme, focused on “Leveraging Partnerships to Grow Tech and Creative Ecosystems.” The speakers provided valuable insights into powerful partnerships to propel Nigeria’s tech and creative sectors.

The forum concluded with a rousing closing remark by Isa Onagu, General Manager at BOI, leaving a lasting impression of shared purpose and commitment to propelling Nigeria’s digital and creative economy to new heights. BOI’s iDICE stakeholder engagement forum stands as a pivotal moment, igniting a collective effort to unlock the immense potential of Nigeria’s digital and creative industries.