FG partners Afreximbank, Wakanow, others to boost creative sector

The federal government has forged partnerships with the African Export-Import Bank and others to ensure that the creative and tourism sectors contribute meaningfully to the nation’s economy. Hannatu Musawa, Minister of Arts, Culture, Tourism, and Creative Economy, disclosed this in a statement on Tuesday in Abuja. Ms Musawa said the partnerships were initiated and concretised through the ministry. According to her, some of the strategic partners also include Wakanow, Africa’s premiere tour operator, Boston Consulting Group and TelAirVision, among others.
The minister said the collaborative initiatives were in alignment with President Bola Tinubu’s vision of building a $1 trillion economy from the sector. Ms Musawa said these collaborations were geared towards driving growth, enhancing cultural diplomacy, and boosting the gross domestic product contribution from the ministry to the nation’s economy.
The minister said investors, Nigerian content creators and other industry players in the creative economy were already benefiting from such partnerships, policy initiatives and bold reforms in the sector.
According to her, a recent deal with  Afreximbank enabled Nigeria to secure a $200 million financing facility from the bank to provide essential funding for businesses and entrepreneurs in the creative sector. She said the move was to ensure that Nigeria’s creatives, ranging from filmmakers to digital innovators, have the capital needed to scale their ventures, create jobs, and expand their global reach. Ms Musawa said to ensure financial probity in the sector, fraud prevention measures had been put in place, as the ministry joined forces with Prembly to implement advanced know-your-customer verification. She further explained a partnership with the Presidential Tax Committee to introduce tax incentives and credits, making Nigeria’s creative sector more appealing to foreign investors. She said the ministry had also taken steps towards investment in infrastructure by signing a memorandum of understanding with Cavista Holdings.
She said the MoU focused on developing tourism infrastructure, digitising tourism experiences, and investing in human capital. She said the ministry under her watch was strengthening international collaborations, including the one with the British Council, to drive skills development and cultural exchanges. Ms Musawa added that the ministry’s strategic partnership initiatives would create jobs, attract investment and position Nigeria as a cultural and creative powerhouse in the global economy. NAN