BOI Secures $30M to Boost Nigeria's Creative Industries

The Bank of Industry (BOI) has secured a $30 million credit facility from the Agence Française de Développement (AFD) to expand financing for Nigeria’s creative and cultural industries. This initiative aims to drive job creation, youth inclusion, and economic diversification.

The agreement was signed in Abuja by Dr Olasupo Olusi, Managing Director of BOI, and Christophe Lecourtier, CEO of AFD. Olusi emphasized that the creative economy presents significant opportunities for job creation and income generation beyond traditional sectors.

He noted that the facility aligns with President Bola Tinubu’s Renewed Hope Agenda and the Federal Government’s goal to grow Nigeria’s economy to $1 trillion. The funding will particularly support women-led and youth-led businesses, addressing the challenge of limited access to affordable financing.

Olusi assured that the facility would be prudently deployed to credible enterprises capable of expanding operations and contributing to economic growth. Lecourtier recognized BOI as AFD’s leading development banking partner in Nigeria.