The French Development Agency (AFD) and the Bank of Industry (BOI) have signed a $30 million financing agreement to expand access to credit for Nigeria’s creative industry, with at least 90 per cent of the facility reserved for micro, small and medium-sized enterprises (MSMEs).
The agreement also includes a €500,000 technical assistance programme designed to strengthen BOI’s capacity to provide financing tailored to the needs of creative businesses.
The deal was signed in Abuja during the visit of AFD Chief Executive Officer, Christophe Lecourtier, and represents the agency’s first credit line dedicated to cultural and creative industries globally.
The facility will support businesses operating in fashion, design, textiles, music, film and audiovisual production, video games and visual arts.
Women-led and youth-led enterprises, alongside first-time borrowers, are among the priority beneficiaries, as the initiative seeks to address persistent financing challenges facing entrepreneurs in the sector.
Nigeria’s cultural and creative industries contribute approximately five per cent of the country’s Gross Domestic Product and provide livelihoods for more than 4.2 million people, highlighting their growing importance to employment generation and economic diversification.
Under the agreement, BOI will deploy the credit facility to eligible businesses, while the technical assistance component will support staff training and the development of specialised financial products for creative enterprises.
The programme targets training for at least 70 per cent of relevant BOI staff to improve their understanding of the sector and strengthen the bank’s ability to assess and finance creative businesses.
The initiative is expected to help entrepreneurs expand production, acquire equipment, develop new products and access wider markets, particularly those who have struggled to secure affordable credit through conventional financing channels.
The agreement was signed by BOI Managing Director, Dr Olasupo Olusi, and Lecourtier on behalf of their respective institutions, reinforcing the longstanding partnership between the two organisations.
Beyond providing funding, the programme is expected to promote financial inclusion, support skilled employment and strengthen the contribution of the creative economy to Nigeria’s sustainable and inclusive growth.
The initiative also aligns with the Federal Government’s Destination 2030 ambition for the creative sector, as the country seeks to diversify its economy and harness industries capable of generating jobs and expanding business opportunities for its growing population.
AFD and BOI said the programme would address both financial and non-financial barriers to the development of Nigeria’s cultural and creative industries.
The partnership is expected to strengthen enterprise development and position the creative economy as a more significant driver of investment, innovation and economic growth.
