FG secures $200m investment from Afreximbank to strengthen creative industry

The ministry of arts, culture and creative economy has secured a $200 million investment from the African Export-Import Bank (Afreximbank) to strengthen Nigeria’s creative industry.

In a statement on Tuesday, the ministry said the investment was announced at an event organised by Nigeria titled “Destination 2030: Nigeria Everywhere,” during the just-concluded United Nations General Assembly (UNGA) in New York, United States.

“It would be noted that central to the “Destination 2030” initiative is Nigeria’s ambition to assert itself as a global soft power leader by 2030,” the ministry said.

“As of 2024, the creative economy ministry reported a 36 percent increase in Nigeria’s cultural influence and an 18 percent increase in the brand percent index, reflecting the positive reception of Nigeria’s cultural diplomacy efforts on the global stage.”

Hannatu Musawa, minister of arts, culture, and creative economy, told investors at the event that Nigeria’s rich artistic heritage continues to attract global attention, offering promising returns on investments.

Musawa said the country’s cultural excellence, as demonstrated by its global impact in the arts, positions Nigeria as a significant player in the global creative economy.

Speaking on the “Destination 2030” initiative, she said Nigeria aims to solidify its position as a global cultural hub, while significantly contributing to global cultural diplomacy and spurring economic growth.

“The Destination 2030 event was a vibrant celebration of Nigeria’s rich cultural tapestry,” the minister said.

Benedict Oramah, president and chairman of Afreximbank, took the stage to reaffirm the bank’s commitment to Nigeria’s creative industry.

Announcing the $200 million financing facility, Oramah said investing in the creative industry would build a foundation for sustainable economic growth and position Africa as a global cultural leader.

On September 11, the federal government unveiled its plans to generate $100 billion from Nigeria’s creative economy.

The plan, according to the government, will also create over two million jobs in the economy yearly.