BOI and AFD Launch $30M Facility for Nigeria's Creative Sector

The Bank of Industry (BOI) and the Agence Française de Développement (AFD) signed a $30 million credit facility to support Nigeria's creative and cultural industries. The agreement was signed in Abuja by Dr. Olasupo Olusi, Managing Director of BOI, and Christophe Lecourtier, CEO of AFD Group.

Olusi described the deal as a significant milestone that builds on the longstanding partnership between the two institutions, emphasizing the creative sector's potential for job creation and economic diversification. He noted that the facility aligns with President Bola Tinubu's Renewed Hope Agenda and aims to address the challenge of access to affordable finance for creatives.

The facility will prioritize women-led and youth-led businesses, as well as segments typically excluded from financing. Lecourtier acknowledged BOI as AFD's leading development banking partner in Nigeria, recalling their previous partnership focused on climate issues under the Transforming Financial Systems for Climate programme.