News
FG, AfDB Set to Roll out $617M IDICE Fund for Digital Technology, Creative Industry

The Federal Government in collaboration with the African Development Bank (AfDB) has concluded plans to roll out a $617 million IDICE Fund for the digital technology and creative industry.
The hint was given by the Minister of Art, Culture and Creative Economy, Hannatu Musawa, at a high-level meeting with the Director-General of AfDB, Lamin Barrow, on Thursday, in Abuja, where she highlighted the huge potential of the Creative Economy to generate employment opportunities for millions of young Nigerians.
Musawa, who was enthusiastic about the programme said, “With eager anticipation from the creative community, the IDICE fund emerges as a landmark transaction, providing a strategic platform for directing additional long-term financing into this dynamic sector.
“We are delighted that the conditions precedent for the release of IDICE funds are nearing completion. We eagerly anticipate providing start-up funds to young creatives, facilitating the development and monetisation of their talents.’’
The Minister commended AfDB and other parties to the transaction for the remarkable achievement, now being emulated by other African nations.
She applauded the impact investment focus which includes elements such as geographical spread, first loss position of the FGN and grants for capacity development, stressing that her ministry will reflect this spirit in its nationwide awareness campaign on the initiative.
Minister Musawa highlighted that the IDICE structure offers a platform through which the fundraising initiatives of her Ministry can be secured and assured that this opportunity will be thoroughly explored.
She added, “Nigeria, having solidified its position as a global hub for music, film, and visual art, is strategically positioning itself to leverage the IDICE funds. This move aims to consolidate its global standing and propel further expansion within the creative industry, in subsectors such as Design, Gaming, Content Creation, Animation, Culinary Arts, and Publishing.’’
Mr. Barrow, an integral part of the collaborative effort, provided insight into the fund structure, clarifying that IDICE is built around a world-class governance framework, incorporating a Steering Committee that includes Minister Musawa.
He said, “AfDB has appointed the Bank of Industry as the executing agency to manage program implementation, reporting directly to the steering committee. The initiative is set to forge strategic partnerships with selected Universities and Polytechnics, major technology companies and key players in the private sector.”
Acknowledging the eagerness of the creative community, Barrow stated, “The youth are understandably impatient. Since the approval of IDICE, we receive daily inquiries about the launch. While the processes are intricate, we are on the verge of the roll-out phase.”
IDICE, which stands for Investment in Digital and Creative Enterprises, is an initiative spearheaded by the Federal Government of Nigeria. It aims to foster entrepreneurship and innovation in digital technology and creative industries, as well as addresses the challenges of access to risk capital and innovation ecosystem capacity faced by start-ups.
IDICE comprises 2 major components: the intervention fund, a $147 million fund supporting enterprise and skills development, and the sectoral fund, a $433 million fund divided into 3 categories:
This transformative fund is poised to unleash unparalleled growth, with the potential to catalyse over $1 billion of growth in the creative economy upon full deployment.
News
FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

Dr. Oluwatoyin Madein, accountant-general of the Federation,
The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.
This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.
Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.
The statement reads:
“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”
She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.
Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.
She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.
As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.
She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.
Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.
News
NBRDA Investigates Biocatalysts for Bioethanol Production

National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.
Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday
Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.
An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.
He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.
“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.
“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.
Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.
According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.
“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.
“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.
“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.
According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.
He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.
The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.
He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.
News
NDLEA Says 14m Nigerians Affected by Consumption of Harmful Drugs

National Drug Law Enforcement Agency (NDLEA), said no fewer than 14 million Nigerians are estimated to be involved in and addicted to the consumption of harmful drugs.
Mrs Yetunde Joyifous, deputy commander, Ondo State Command of NDLEA, made the disclosure at a drug abuse awareness programme organised by Oijefon Youth for secondary schools in Ile Oluji/Oke-Igbo Local Government Area of the state on Wednesday.
Joyifous said that the drugs consumed were mostly chemical substances capable of negatively altering the minds of users.
According to her, the only way to curb the menace is to engage all stakeholders in the community and encourage them to partner with the authorities in the fight against the dangerous trade.
“I want to thank the Oijefon Youth Council for partnering with the NDLEA in the fight against drug abuse in society,” she noted.
She described younger people, especially those at the secondary school level, as the most vulnerable victims of drug abuse, adding that efforts must be intensified to rescue them from involvement.
In his welcome address, Adedokun Adeyonu, president, Oijefon Youth Council, said the council organised the sensitisation programme to discourage youths from drug abuse.
“Drug abuse means using harmful substances like alcohol, tobacco, or illegal drugs in a way that harms the body and mind,” he noted.
He explained that many people use drugs out of curiosity, peer pressure, or in an attempt to overcome problems in their lives, believing it to be the only solution.
Adeyonu also identified peer influence, as well as exposure to certain films and music, as factors that push youths into drug abuse.
He urged members of society to help create a prosperous future for the younger generation.
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