The Federal Government has announced a $618 million investment in the Investment in Digital and Creative Enterprises (iDICE) project.
This major initiative, was revealed by Vice-President Kashim Shettima during a recent meeting with the Abuja International Carnival delegation at the Presidential Villa.
This investment is aimed at strengthening the country’s creative economy and positioning Nigeria as a key player in the lucrative global carnival market, currently valued at $5 billion.
Highlighting the global potential of the carnival industry, Vice-President Shettima remarked: “The value of the global carnival market is estimated at five billion dollars. This highlights its potential to assist us in our economic growth agenda.”
He also emphasised that the iDICE project will focus on various sectors within Nigeria’s creative ecosystem, including the carnival industry, which has become a cornerstone of cultural expression, national unity, and economic development.
Vice President Shettima as well highlighted the importance of Nigeria’s carnivals, not just as cultural festivities but as economic drivers. He noted that carnivals, such as the famous Rio de Janeiro Carnival, draw millions of visitors globally, generating substantial economic benefits.
“Beyond promoting our rich cultural heritage, it is a driver for national unity and cohesion. We also have to look at the potential for economic value addition,” he stated.
Further stressing the President Bola Ahmed Tinubu administration’s commitment to the creative sector, Vice President Shettima highlighted efforts to support youth-driven enterprises and promote Nigeria’s unique cultural heritage on the global stage. He referenced the Calabar Carnival as a prominent cultural celebration of the Efik/Ibibio people, illustrating how carnivals play a critical role in uniting communities and preserving local traditions.
During the meeting, Mr. Kehinde Adegbite, Chief Executive Officer (CEO) of the Abuja International Carnival, expressed gratitude for the government’s commitment to reviving the carnival. He announced that his team would be working closely with the Ministry of Art, Culture, and the Creative Economy under the leadership of Honourable Minister Hannatu Musawa.
“The carnival brings unity, empowers the youths, and helps discover talents,” Mr. Adegbite said, reinforcing the event’s role in providing cultural exposure and economic opportunities for young Nigerians.
Vice-President Shettima encouraged the Abuja International Carnival team to expedite efforts to restore the carnival to its former glory, aiming for it to be an iconic annual event that draws both domestic and international visitors.
With the government’s robust support and collaborative efforts across various levels, Nigeria’s creative industry is poised to make a significant mark on the global stage, leveraging its unique cultural assets and vibrant traditions to drive economic growth and national pride.
