Last week, 18 ecosystem players in the creative and digital economy converged on Landmark Event Centre, Victoria Island Lagos to build partnerships and break silos at this year’s four-day Omniverse. It was convened by Mr. Obi Asika, in partnership with the Digital Transformation Center Nigeria, jointly funded by the European Union and the Germany Federal Ministry of Economic Cooperation and Development (BMZ and implemented by the GIZ, Assistant Editor (Arts) OZOLUA UHAKHEME reports.
Minister of Arts, Culture and Creative Economy, Hannatu Musa Musawa has said that the $617 million Investment in Digital Economy & Creative Enterprises Fund, (iDICE Fund), will not be a replacement of the Endowment Fund for the Arts. She assured that if the ministry comes up with the endowment fund, it won’t stop the ministry from talking with donors and sponsors to support the creative industry. Musawa who spoke on the sideline of the summit explained that the iDICE fund signifies a remarkable opportunity to propel economic growth and development within Nigeria’s burgeoning digital and creative economy. She said the fund represents a beacon of hope and opportunity for the creative community, offering unprecedented access to startup capital and resources essential for nurturing talent and fostering innovation.
iDICE is an initiative of the Federal Government executed by the Bank of Industry to promote investment in technology and creative ecosystems in the country. It is co-funded by the African Development Bank (AFDB), Agence Française de Development (AFD), Islamic Development Bank (IsDB), and other private investors.
Speaking earlier during the launch of the fund, the minister said the Omniverse Summit presents a unique platform to network with industry leaders, gain insights from experts and contribute to the development of policies and initiatives that will drive African innovation, creativity, and entrepreneurship forward.
“Collaboration and engagement among industry players and policymakers are paramount in unlocking the full potential of Nigeria’s creative economy. I urge each of you present today to actively engage, foster collaboration, and forge bonds that will not only drive our economy but also reshape the creative landscape of our nation.
“Nigeria’s creative industry holds immense promise for economic development, cultural enrichment, and regional integration. Let us come together to champion inclusivity, empower marginalized groups and ignite the spark of creativity within our youth by attending, actively engaging and supporting platforms such as the Omniverse Summit,” she added.
The fund, she added, will serve as a catalyst, providing support and access to burgeoning global markets. ‘Our creatives, the vanguards of tomorrow’s revolutions in innovation, culture, and design, will drive socio-economic transformation across Nigeria and the world.’
The minister urged stakeholders to seize the opportunity to network with industry leaders, glean insights from experts and contribute to the formulation of policies and initiatives that will shape the future of African innovation, creativity and entrepreneurship.
Reacting to the ongoing talk with Grammy Award organisers, which has generated mixed reactions from Nigerians especially music lovers; Musawa confirmed that Nigeria is in talk with the Grammy Awards organisers. She added that being the home of Afrobeats Nigeria must be counted among the founding members of African Grammys. She said countries such as Rwanda, Kenya and South Africa are championing the move to establish an African version of Grammys. “We are in talk. And if Grammys is about to reach out to Africa, there is no way Nigeria cannot be a member. Nigeria is at the forefront of music not only in Africa but global music,” she added.
She assured that the ministry will soon meet with some key stakeholders in the industry to discuss the modalities on how to come out with our own awards because according to her, these stakeholders feel the pulse of the people that will be affected.
She however lamented that the ministry is operating from ground zero with dearth of proper foundation structures. “There is lack of data and proper foundation of structure. These are very important for the ministry. We need credible data for proper planning and execution,” she noted.
Convener of Omniverse, Obi Asika said the event is about driving connection and networking, which are highly needed in advancing the creative industry. He noted that unlike oil, the creative economy won’t run out and ‘we have the opportunities in the creative economy to transform our culture.’
According to Asika, Omniverse is people-centred with over 70 communities on the platform spanning academia, research and development, music, innovators etc. “Omniverse is very strategic, and it is to drive convergence, partnership and networking and unlock talents. The innovation in Africa can start today,” he added.
Asika assured that his new appointment as Director-General of National Council of Arts and Culture (NCAC), would not be a distraction because ‘I am excited to be appointed by my president. Omniverse is not about me but I will still be supporting from the side as a convener. We in Omniverse believe in our country and the talent in us.’
On how the fund can be accessed, National Programme Coordinator iDICE Fund Mr. Ife Adebayo said it will be disbursed by Adventure Capital Limited. He noted that the funding banks are African Development Bank, Islamic Development Bank, Agence Francaise de Development and Bank of Industry (BOI).
Co-Convener, The Omniverse and Chairman of the Board, Innovation Support Network, Mr. Charles Emembolu recalled that Nigeria embraced technology from the early days of the internet and that in 2002, Interswitch, the pioneer electronic payment processing company, laid the foundation for what would become a thriving digital ecosystem.
“The journey was not without challenges. Infrastructure gaps, regulatory hurdles, and lack of access tested the resilience of the growing digital community. But adversity is the mother of invention and with determination and innovation, we have witnessed the birth of unicorns.
Today, Nigeria proudly boasts five unicorns, Interswitch, Jumia, Flutterwave, Opay, and Andela, with success stories echoing across the globe. These unicorns are symbols of Nigeria’s untapped potential, resilient in the face of adversity.
“The driving force behind this growth is the organized innovation ecosystem. The Innovation Support Network, ISN, stands as a testament to the power of collaboration and strategic partnerships. When in 2018, 75 Hubs came together in pursuit of a stronger Innovation ecosystem in Nigeria many of never envisaged the growth of the digital economy post Covid. Emembolu stated that the ISN represents digital innovation stakeholders at large and with a membership of 189 hubs across 30 states in Nigeria, ISN is the heartbeat of Nigeria’s digital innovation Ecosystem.
Consul General, Consulate of Germany in Lagos, Mr. Weert Borner said the German government, through programmes of its Federal Ministry for Economic Cooperation and Development (BMZ), is committed to fostering mutually beneficial partnerships with Africa. He stated that through the new strategy titled Shaping the future with Africa, the goal is to engage with African countries in pursuing global structural policies founded on respect and reciprocity by lending structural support to the achievement of the development goals set by the African Union (AU) and its Member States, one prominent being Nigeria.
“Central to our agenda is the promotion of sustainable economic development, employment, and prosperity, with a focus on digital transformation. We recognize that digitization holds immense potential to drive economic diversification and strengthen local markets across Africa. Through strategic interventions, we aim to create an enabling environment for digital innovation, ensuring that all segments of society can benefit equitably. This includes efforts to: to create digital markets, enable secure, universal internet access, mobilise investments in digital infrastructures and bridge digital divides, stimulate the creation of jobs in the ICT sector, and support the implementation of the African Continental Free Trade Area, as this will also help the digital economy of Nigeria and its neighbours to prosper,” he added.
The event, which ran from February 28 to March 1, attracted startups, research and academia, regulators, government, media, artificial intelligence, creative, cultural industries and entrepreneurs across all sectors of the economy. It also witnessed presentations and talks by cinema exhibitors, distributors, design curators, collectors, production crew, record labels, creative writers, publishers, gaming, animation and graphic design among others.
