Afreximbank is offering $200 million to support Nigeria’s creative industries

The Federal Government of Nigeria has secured a $200 million investment from the African Export and Import Bank (Afreximbank) to boost the country’s creative industries.

In a statement seen by Nairametrics, the funding was announced during “Destination 2030: Nigeria Everywhere” event organized by Nigeria’s Ministry of Arts, Culture and Creative Economy at the United Nations General Assembly (UNGA) in New York.

Professor Benedict Oramah, Chairman and CEO of Afreximbank, has highlighted the bank’s commitment to Nigeria’s creative industry as he announced a $200 million financial facility to support the ministry’s new initiatives.

He emphasized it “Investing in creative industries is about building the foundations for sustainable economic growth and positioning Africa as a global cultural leader.”

FG is looking for investors who will create 2 million jobs

In her speech, Minister of Arts, Culture and Creative Economy Hannatu Musawa emphasized the importance of global partnerships in realizing the nation’s vision.

She stated “Destination 2030: Nigeria Everywhere is our roadmap to transform Nigeria into a global cultural powerhouse. To fully realize this vision, I call on investors, development partners and collaborators around the world to join us in creating 2 million jobs and contributing $100 billion to the country’s GDP.”

This investment is a key element of Nigeria’s broader initiative to strengthen its cultural values and promote its rich artistic heritage internationally.

Other activities

In addition to the main event, Musawa participated in several high-level meetings during the UN General Assembly aimed at supporting Nigeria’s cultural and creative aspirations. She discussed aligning Nigeria’s cultural initiatives with the UN Sustainable Development Goals in talks with UN Deputy Secretary-General Amina Mohammed and the Executive Director of the UN Partnership Office.

Moreover, during the meeting with Under Secretary of State for Public Diplomacy Lee Satterfield, the minister’s 8-point plan and potential US support for Nigeria’s creative industries were discussed.

Bilateral talks with Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, also led to an agreement to support cooperation in the creative sectors of both countries.

By investing strategically in its cultural assets, including the revitalization of the National Theater and initiatives to nurture young talent, Nigeria is positioning itself as a creative engine for economic growth and shaping global narratives.

Nigeria sees a 36% increase in cultural influence

The Ministry of Arts, Culture and the Creative Economy has recorded a 36% increase in Nigeria’s cultural influence and an 18% increase in its brand perception index since 2024, underscoring the positive reception of Nigeria’s cultural diplomacy efforts on the global stage.

Central to “Direction 2030” The aim of this initiative is for Nigeria to become a global leader in soft power by 2030. President Tinubu has outlined clear key performance indicators (KPIs) and deliverables for this vision, which includes positioning Nigeria as a leading cultural influencer and improving its brand perception globally. .

Nigeria’s approach to cultural diplomacy draws inspiration from successful models such as South Korea and Japan, which have successfully leveraged their cultural exports such as K-pop and anime to expand global influence and generate economic value.