In a significant milestone for Nigeria’s creative economy, Minister Hannatu Musawa has announced a $200 million financing facility with the African Export-Import Bank (Afreximbank)
According to Vanguard, this partnership aims to drive growth in the country’s creative industries, aligning with the federal government’s “Destination 2030” vision.
The Destination 2030 initiative, launched by President Tinubu, seeks to establish Nigeria as a global soft power leader by 2030.
With clear Key Performance Indicators (KPIs) in place, the Ministry of Arts, Culture and Creative Economy has already reported notable progress, including a 36% increase in Nigeria’s cultural influence and an 18% increase in the Brand Perception Index (as of 2024).
Afreximbank’s President, Prof Benedict Oramah, emphasized the importance of investing in the creative industry, stating, “The Bank has deployed the Creative Africa Nexus (CANEX) programme to enhance Africa’s share of global trade in creatives and cultural products… We are pleased to work with the Federal Ministry of Arts, Culture and Creative Economy to put in place a financing facility of $200 million.”
This facility will support new initiatives in the creative and cultural industries, fostering sustainable economic growth.
Minister Hannatu Musawa urged investors, development partners, and global collaborators to join forces, saying, “To fully realize this vision, I urge stakeholders to invest in creating 2 million jobs and contributing $100 billion to the national GDP.”
This strategic partnership between the Ministry of Arts, Culture and Creative Economy and Afreximbank marks a significant step towards realizing Nigeria’s creative potential and solidifying its position as a global cultural leader.
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