AFD, BoI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector
Michael Olugbode in Abuja 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
The French Development Agency (AFD) and the Bank of Industry (BoI) have reached an agreement to finance Nigeria's creative sector, with a $30 million deal to improve credit access for the industry. A significant 90% of the facility will be dedicated to micro, small and medium-sized enterprises (MSMEs) in fashion, design, textiles, music, film, audiovisual production, video games and visual arts.
The agreement, signed in Abuja during AFD's CEO, Christophe Lecourtier's visit, is AFD's first credit line for cultural and creative industries globally. It includes a €500,000 technical assistance program aimed at enhancing the Bank of Industry's capacity to finance the sector through staff training and tailored financial products. Priority beneficiaries include women-led and youth-led enterprises and first-time borrowers, addressing financing barriers that have limited the growth of creative businesses.
Nigeria's creative industries contribute around 5% of the country's GDP and provide employment for over 4.2 million people. The initiative, targeting these smaller businesses, aims to expand production capabilities, improve equipment, develop new products, and access broader markets. This aligns with Nigeria's Destination 2030 ambition to diversify its economy and create employment opportunities via industries that can drive inclusive growth.
The agreement was signed by BoI Managing Director, Dr Olasupo Olusi, and Lecourtier representing AFD, reinforcing their long-standing partnership.
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