Nigeria signs funding deal for creative industries

Nigeria and the French Development Agency (AFD) have signed a $30 million agreement with the Nigerian Industry Bank (BoI) to support the country's creative industries, as part of the government's "Destination 2030" strategy. The agreement, signed on Tuesday, October 27 in Abuja, marks the first line of credit intended for cultural and creative industries globally, according to local media reports.

Funding targets small and medium businesses

About 90% of the funding will be allocated to small and medium-sized enterprises, including those led by women and young people. The agreement also includes technical assistance of nearly $557,000 to enhance the skills of BoI and adapt its financial products to the needs of creative industries.

Creative sector drives economic growth

The creative sector in Nigeria is considered one of the greatest growth opportunities for the economy, as it has the capacity to absorb young people and create jobs. According to the report Nigeria's Creative Economy: An Emerging Powerhouse, the sector is the second potential employer in the country after agriculture.

Creative industries contribute significantly to GDP

It contributes 5% to Nigeria's GDP and provides 4.2 million jobs. The Federal Agency charged with promoting and facilitating investments in Nigeria (NIPC) stated that Nigeria's creative economy is an uncontested global force.

Diverse range of creative industries

The creative industries in Nigeria encompass music, cinema, fashion, design, and video games. Nollywood, Nigeria's film industry, produces over 2,500 films annually and ranks among the world's largest film industries. Afrobeats has gained international recognition, and Nigerian fashion, valued at $4.7 billion, has a presence beyond African borders.