$200m Afreximbank deal to boost creative economy

The Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, has secured a $200m financing facility with the African Export-Import Bank to support the growth of the country’s creative industries.

Musawa said that the partnership with Afrexim Bank is a crucial component of the Destination 2030 vision and one of the ministry’s goals for the creative economy.

Emphasising the critical role of global partnerships in driving the country’s vision forward, she stating that ‘Destination 2030: Nigeria Everywhere’, is the ministry’s roadmap to transforming Nigeria into a global cultural powerhouse.

“To fully realise this vision, I urge investors, development partners and global collaborators to join us in creating two million jobs and contributing $100bn to the national GDP,” she said.

Earlier, the President and Chairman of Afreximbank, Prof Benedict Oramah, who announced the partnership in New York, United States of America, stated that the $200 facility is to support the ministry’s new initiatives for sustainable economic growth.

He emphasised the importance of investing in the creative industries and positioning Africa as a global cultural leader.

He stated that the bank had deployed the Creative Africa Nexus programme to enhance Africa’s share of global trade in creatives and cultural products by offering tailored financial solutions, facilitating technical capacity building, and opening avenues for market access for creative entrepreneurs.

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