Nigeria has secured a $200 million loan facility from the African Export-Import Bank (Afreximbank) to support the growth of the country’s creative industries.
This was confirmed by the Minister of Arts, Culture and Creative Economy, Hannatu Msawa.
This is in line with President Bola Tinubu’s Destination 2030 initiative, which aims to position Nigeria as a global leader in soft power by 2030, with clear key performance indicators (KPIs). The Minister said in a statement by Nneka Anibeze: her media assistant
Msawa said the partnership with Afreximbank is a key element of the Destination 2030 vision, one of the ministry’s ambitious goals for the creative economy.
He emphasized the important role of global partnerships in advancing the country’s vision, and said ‘Destination 2030: ‘Nigeria Everywhere’ would serve as the ministry’s roadmap to transform Nigeria into a global cultural powerhouse. pointed out. He also urged more stakeholders to invest in this vision and called for broad support to realize its goals.
“To fully realize this vision, I call on our investors, development partners and global collaborators to help us create 2 million jobs and contribute $100 billion to the nation’s GDP. I highly encourage everyone to participate,” she said.
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“Increasing Africa’s share in global trade requires providing customized financial solutions, fostering the building of technological capabilities and opening avenues of market access for creative entrepreneurs.
Benedict Orama, President and Chairman of Afreximbank, also confirmed the partnership in New York, saying the $200 million facility is aimed at supporting the ministry’s new initiatives aimed at promoting sustainable economic growth. He pointed out that there was.
He emphasized the importance of investing in creative industries and positioning Africa as a leading cultural force in the world. Expressing his eagerness to cooperate with the Ministry, Mr Orama said: .
“This facility will be used to support new and commendable initiatives supporting the creative and cultural industries.
“We are impressed by the Department’s dedication and passion, and its alignment with the African Export-Import Bank’s creative strategy. Together, we will make this fully entrenched and leverage it to We hope to support the industry in a way that fosters cross-border partnerships,” Orama said.
The loan is expected to help create jobs, attract global investment, support creative entrepreneurs and contribute significantly to Nigeria’s GDP.
The Department has already reported a 36 percent increase in cultural impact and an 18 percent increase in brand awareness index, so this facility will accelerate these achievements, expand Africa’s influence and place Africa on the global map. It is expected to position itself as a leading player in the creative market.
