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

According to Oduwole, the funding will be provided through the Bank of Industry under the Investment in Digital and Creative Enterprises (iDICE) programme, with backing from the Office of the Vice-President.

She explained that the initiative would give young Nigerian entrepreneurs and businesses operating in the technology and creative sectors better access to finance, business support, skills development and essential infrastructure.

The minister said the government was looking to attract investments across different segments of the creative economy, 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 pointed to the investment history of Mavin Records as evidence of the Nigerian creative industry’s capacity to attract major institutional investors and deliver commercial returns.

In 2019, Kupanda Capital and TPG Group invested more than $10 million in the music label established by Don Jazzy. Universal Music Group later acquired a majority stake in Mavin Records in 2024, creating an exit opportunity for TPG.

She noted that the transaction had provided a practical example of how investors could recoup their investments in Nigerian creative enterprises.

“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.”

The minister also highlighted ongoing government efforts to expand market opportunities for Nigerian businesses and strengthen intellectual property protection.

Among the initiatives she mentioned were 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 enable Nigerian businesses to access wider African markets through services such as music licensing, film production and distribution.

She further revealed 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 creative economy.

Nigeria’s bid to host the 2027 Intra-African Trade Fair is also part of the government’s strategy to attract international investors and promote local creative enterprises.

According to Oduwole, President Bola Tinubu approved the hosting bid in November 2024. The proposed event is expected to coincide with the 50th anniversary of FESTAC ’77 and the reopening of the National Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts.

The minister also disclosed that the 2026 CANEX edition recorded 17,000 registrations, a significant increase from the 6,000 participants recorded 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 taking steps to improve intellectual property protection, expand access to finance and establish Nigeria as a major force in Africa’s creative trade.

Shettima described creativity as an increasingly significant component of global commerce and called on African countries to transform their cultural resources into viable economic 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 praised the African Export-Import Bank (Afreximbank) for committing $2 billion towards supporting creative industries across the continent through 2027.

He recalled that the 2024 CANEX attracted nearly 4,000 participants from 81 countries and facilitated business transactions valued at more than $540 million.

Shettima encouraged participants at the Lagos event to focus on securing tangible 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 further urged African governments to eliminate trade restrictions that prevent creative businesses from distributing their products and receiving payments seamlessly across the continent.