Nigeria’s creative economy gets a $200m boost from Afreximbank, set to become operational on June 1, 2025, to drive sector growth

Nigeria’s arts, culture, tourism, and creative sectors are set for a major transformation as the $200m African Export-Import Bank (Afreximbank) fund becomes operational on 1 June 2025.

The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, announced the development in a statement released on Wednesday by her Special Assistant on Compliance and Coordination, Jummai Ali.

According to Musawa, the funding will be directly injected into Nigeria’s creative economy to accelerate its growth and global competitiveness.

“As part of the funding effort, the minister has secured a commitment of $200m from Afreximbank, which will accelerate the building of the cultural and creative industries,” the statement read.

The minister also revealed ongoing discussions with international investors, following the unveiling of the ministry’s strategic policies aimed at growing Nigeria’s creative economy into a $100bn industry by 2030.

To support this ambitious goal, the government is mobilising $2bn from global and local sources to boost job creation and expand the sector’s reach.

Musawa outlined the ministry’s four strategic pillars driving the economic diversification project:

– **Data-Driven Insights:** Through the D-30 projects, enabling evidence-based policy and investment decisions.
– **Stakeholder Collaboration and Policy Reforms:** Strengthening partnerships across public and private sectors.
– **Infrastructure Modernisation:** Upgrading creative infrastructure through public-private partnerships.
– **Global Cultural Promotion:** Launching the “Nigeria Everywhere” brand to market the country’s rich cultural heritage worldwide.

These initiatives aim to double the tourism sector’s contribution to Nigeria’s GDP, create over two million jobs by 2030, and position the nation among the world’s top 20 creative economies.

The minister reaffirmed the government’s commitment to transforming Nigeria into a global tourism and creative hub, aligning with President Bola Tinubu’s *Renewed Hope* agenda for economic diversification and job creation.