Nigeria has secured a $200 million financing facility from the African Export-Import Bank (Afreximbank) to support the growth of the country’s creative industry.
This was confirmed by Hannatu Musawa, Minister of Arts, Culture, and the Creative Economy.
This is in line with the “Destination 2030” initiative which seeks to position Nigeria as a global leader in soft power by 2030, with clear Key Performance Indicators (KPIs) established by President Bola Tinubu, the minister said in a statement by Nneka Anibeze, her media aide,
Musawa said that the partnership with the Afreximbank was a key element of the Destination 2030 vision, one of the ministry’s ambitious goals for the creative economy.
She emphasised the vital role of global partnerships in advancing the country’s vision, noting that Destination 2030: ‘Nigeria Everywhere’ serves as the ministry’s roadmap for transforming Nigeria into a global cultural powerhouse. She also urged more stakeholders to invest in this vision, calling for broader support to help realise its goals.
“To fully realise this vision, I urge investors, development partners, and global collaborators to join us in creating 2 million jobs and contributing $100 billion to the national GDP,” she said.
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“Enhancing Africa’s share of global trade would be by offering tailored financial solutions, facilitating technical capacity building, and opening avenues for market access for creative entrepreneurs.
Benedict Oramah, president and chairman of Afreximbank, also confirmed the partnership in New York, noting that the $200 million facility was intended to support the ministry’s new initiatives aimed at fostering sustainable economic growth.
He stressed the significance of investing in the creative industry and positioning Africa as a leading global cultural force. Oramah expressed his enthusiasm to work with the ministry, stating, “It is for this reason that we are pleased to be working with the Federal Ministry of Arts, Culture and the Creative Economy to put in place a financing facility in an amount of $200m.
“This facility will be used to support new laudable initiatives in support of the creative and cultural industries.
“We are impressed by the commitment and passion of the ministry and its alignment with the African Export-Import Bank’s creative strategy. We hope that we can work together to entrench this fully, and use it to support the industry in a way that boosts pan-African cross-country partnerships,” Oramah said.
It is expected that this financing will help create jobs, attract global investments, and support creative entrepreneurs, thus contributing significantly to Nigeria’s GDP.
With the ministry already reporting a 36 percent increase in cultural influence and an 18 percent rise in the Brand Perception Index, this facility is expected to accelerate those gains, expanding the country’s influence and positioning Africa as a leading player in the global creative market.
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