AFD and BOI Launch $30 Million Fund for Nigeria's Creative Sector

The French Development Agency (AFD) and the Bank of Industry (BOI) signed a $30 million financing agreement to improve access to credit for Nigeria's creative industry, with at least 90 percent of the funds designated for micro, small, and medium-sized enterprises (MSMEs). This agreement, which includes a €500,000 technical assistance program, marks AFD's first credit line dedicated to cultural and creative industries globally.

The signing took place in Abuja during the visit of AFD Chief Executive Officer, Christophe Lecourtier. The initiative aims to support businesses in various sectors, including fashion, design, textiles, music, film, audiovisual production, video games, and visual arts.

Priority will be given to women-led and youth-led enterprises, as well as first-time borrowers, addressing financing barriers that hinder growth. The BOI will manage the credit facility, while the technical assistance will enhance the bank's capacity to finance the sector through staff training and tailored financial products.

The program aims to train at least 70 percent of relevant BOI staff and develop specialized financing products for creative enterprises.