Nigeria’s Ministry of Arts, Culture and Creative Economy has announced that it has secured a $200 million investment from the African Export-Import Bank (Afreximbank) to strengthen the country’s creative industries.
The ministry said in a statement on Tuesday that the investment was announced at an event titled “Destination 2030: Nigeria Everywhere” hosted by Nigeria during the just concluded United Nations General Assembly (UNGA) in New York, USA.
“It is noted that at the heart of the Destination 2030 initiative is Nigeria’s ambition to establish itself as a global soft power leader by 2030,” the ministry said.
“The Ministry of Creative Economy reported that as of 2024, Nigeria’s cultural influence has increased by 36 percent and the Brand Percentage Index has increased by 18 percent. This reflects Nigeria’s cultural diplomacy efforts on the world stage. This reflects that it was well received.”
Minister of Arts, Culture and Creative Economy, Hannatu Musawa, told investors at the event that Nigeria’s rich artistic heritage continues to capture the world’s attention, delivering promising returns on investment.
Msawa said the country’s cultural excellence, as evidenced by its global influence in the arts, positions Nigeria as a key player in the global creative economy.
Speaking on the Destination 2030 initiative, she said Nigeria aims to make a significant contribution to global cultural diplomacy and strengthen its position as a global cultural hub, while promoting economic growth.
“The Destination 2030 event was a vibrant celebration of Nigeria’s rich cultural tapestry,” the Minister said.
Benedict Orama, President and Chairman of Afreximbank, took to the stage to reaffirm the bank’s commitment to Nigeria’s creative industries.
advertisement
Announcing the $200 million loan facility, Orama said investments in the creative industries will build the foundation for sustainable economic growth and position Africa as a global cultural leader.
On September 11, the Federal Government announced plans to generate $100 billion from Nigeria’s creative economy.
