BOI, AFD Sign $30m facility to boost Nigeria’s creative economy

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

Speaking at the ceremony, Dr. Olusi described the deal as ”a major milestone that builds on the longstanding partnership between both institutions and expands collaboration into a critical growth sector of the Nigerian economy.”

According to him, the creative sector, which spans music, film, fashion, design and gaming, holds one of the biggest opportunities for job creation, youth inclusion and economic diversification. “This agreement builds on a very longstanding partnership between AFD and BOI.

“The creative sector represents one of the biggest growth opportunities for the Nigerian economy, as it has the biggest capacity to absorb young people and create jobs.”

Olusi said the facility aligned with President Bola Tinubu’s Renewed Hope Agenda and the Federal Government’s ambition to grow Nigeria’s economy to a $1 trillion economy, noting that access to affordable finance remains a major constraint for creatives.

He added that the facility would prioritize women-led and youth-led businesses and segments of the economy that were typically excluded from financing.

“We’re very excited because particular attention will be given to women-led businesses and youth-led businesses. This financing will bridge a very important gap, not only in providing large quantum of financing but also at an affordable cost,” he said.

The BOI MD assured AFD of prudent utilization of the fund to support credible and growth-oriented enterprises. In his remarks, AFD CEO Christophe Lecourtier said BOI remained AFD’s leading development banking partner in Nigeria and its largest partner in terms of non-sovereign loans.

He recalled the first partnership, a credit line of over 100 million euros focused on climate issues under the Transforming Financial Systems for Climate (TFSC) programme, and said both institutions shared strategic priorities.

“Cultural and creative industries are very important for the French, but you are probably the leader in Africa for that. I know more and more French people that are listening to Nigerian music and watching Nigerian films. For us, it’s great to be able to work together and support such a growing sector.”

Lecourtier expressed hope that the results from the facility would inspire further collaboration in Europe and disclosed that both institutions were already discussing a next credit line based on Nigeria’s development priorities.

He also commended the relationship between Nigeria and France, noting that both Presidents share similar values despite changing global priorities.