The Nigerian government has secured a $200 million loan from Afreximbank to boost its creative industries. This initiative, part of the Destination 2030 vision, aims to create two million jobs and increase the country’s GDP contribution, positioning Nigeria as a global cultural leader by 2030.
The Nigerian government has secured a $200 million loan from the African Export-Import Bank to enhance the country's creative industries. This initiative, announced by Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, aligns with the ministry's Destination 2030 vision aimed at boosting Nigeria's global cultural presence.
Musawa highlighted the potential of this funding to create two million jobs and contribute $100 billion to the national GDP, urging investors and global partners to collaborate on this transformative endeavor. The president of Afreximbank, Benedict Oramah, emphasized the importance of investing in Africa's creative sector to position the continent as a global cultural leader.
The partnership will support various new initiatives, including the Creative Africa Nexus (CANEX) program, designed to increase Africa's share in global trade related to creative and cultural products. Oramah stated that the financing facility would provide tailored financial solutions and technical capacity building for creative entrepreneurs, facilitating access to markets.
As of 2024, Nigeria has experienced a 36% increase in cultural influence and an 18% boost in its Brand Perception Index, illustrating the effectiveness of its strategies in enhancing the nation's soft power. The Destination 2030 initiative sets clear goals for establishing Nigeria as a prominent force in the global cultural arena by 2030.
