Nigeria Secures $200 Million Afreximbank Investment to Boost Creative Industry
The Ministry of Arts, Culture, and Creative Economy has announced a $200 million investment from the African Export-Import Bank (Afreximbank) to bolster Nigeria’s creative industry. The investment was unveiled during the “Destination 2030: Nigeria Everywhere” event, hosted by Nigeria at the recently concluded United Nations General Assembly (UNGA) in New York, USA.
The ministry’s statement highlighted that the “Destination 2030” initiative aims to establish Nigeria as a global soft power leader by 2030. As of 2024, Nigeria has already seen a 36% increase in cultural influence and an 18% boost in its brand index, indicating a positive global reception to the country’s cultural diplomacy efforts.
Hannatu Musawa, Minister of Arts, Culture, and Creative Economy, addressed investors at the event, emphasizing the global appeal of Nigeria’s rich artistic heritage and the promising investment opportunities it presents. Musawa noted that Nigeria’s cultural excellence and international success in the arts position the nation as a major player in the global creative economy.
As part of the “Destination 2030” initiative, Nigeria seeks to further establish itself as a global cultural hub, contributing to international cultural diplomacy and promoting economic growth through the creative sector.
Benedict Oramah, President and Chairman of Afreximbank, reiterated the bank’s dedication to Nigeria’s creative industry, announcing the $200 million financing facility. Oramah emphasized that this investment would lay the foundation for sustainable economic growth and position Africa as a leader in the global cultural landscape.
This announcement follows the Nigerian government’s recent unveiling of plans to generate $100 billion from the creative economy, marking a significant milestone in the country’s cultural and economic strategy.
