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

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

Olusi described the deal as a significant milestone that enhances the 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 financing challenges faced by creatives, particularly focusing on women-led and youth-led businesses.

Lecourtier acknowledged BOI as AFD's primary development banking partner in Nigeria and highlighted the importance of cultural and creative industries. He mentioned ongoing discussions for future credit lines based on Nigeria's development priorities, reinforcing the collaborative relationship between Nigeria and France.