The Ministry of Arts, Culture, and Creative Economy has successfully secured a $200 million investment from the African Export-Import Bank (Afreximbank) aimed at bolstering Nigeria’s creative industry.
This announcement was made during the “Destination 2030: Nigeria Everywhere” event at the recent United Nations General Assembly (UNGA) in New York.
The ministry emphasized that this investment is part of Nigeria’s ambition to establish itself as a global leader in soft power by the year 2030. As of 2024, Nigeria’s creative economy has seen a 36% increase in cultural influence and an 18% rise in its brand percent index, reflecting the positive reception of its cultural diplomacy efforts worldwide.
The Minister of Arts, Culture, and Creative Economy Hannatu Musawa, addressed investors at the event, highlighting Nigeria’s rich artistic heritage and its potential for attracting global investments. She noted that Nigeria’s cultural excellence and its global impact in the arts position the country as a significant player in the global creative economy.
Musawa stated, “The Destination 2030 initiative aims to solidify Nigeria’s position as a global cultural hub while significantly contributing to global cultural diplomacy and spurring economic growth.” She described the event as a vibrant celebration of Nigeria’s cultural diversity.
President and Chairman of Afreximbank Benedict Oramah, reiterated the bank’s commitment to Nigeria’s creative industry. He announced the $200 million financing facility, underscoring that investment in the creative sector is essential for building a foundation for sustainable economic growth and positioning Africa as a cultural leader on the global stage.
On September 11, the Nigerian Government unveiled plans to generate $100 billion from Nigeria’s creative economy, aiming to create over two million jobs annually.
