AFD and BoI Launch $30M Financing for Nigeria's Creative Sector

The French Development Agency (AFD) and the Bank of Industry (BoI) signed a $30 million financing agreement aimed at expanding access to credit for Nigeria's creative industry, with a focus on micro, small, and medium-sized enterprises (MSMEs). At least 90 percent of the facility is designated for these businesses.

The agreement, signed in Abuja during AFD CEO Christophe Lecourtier's visit, includes a €500,000 technical assistance programme, marking AFD's first credit line dedicated to cultural and creative industries globally. The initiative targets sectors such as fashion, music, film, and visual arts, prioritizing women-led and youth-led enterprises.

The BoI will manage the credit facility, while the technical assistance will enhance the bank's capacity to finance the sector. The programme aims to train 70 percent of relevant BoI staff and develop specialized financial products.

This initiative aligns with Nigeria's Destination 2030 ambition to diversify the economy and support the creative sector, which contributes approximately five percent to the GDP and provides jobs for over 4.2 million people.