Terra Kulture Partners IFC to Boost Nigeria’s Creative Economy

Yinka Olatunbosun

In a move towards strengthening Nigeria’s creative industry, the International Finance Corporation (IFC) has entered into a mandate partnership with Terra Kulture to support the expansion of creative infrastructure and skills development in the country.

The partnership was formally signed on Friday, January 30 at the Terra Kulture in Lagos. It reflects IFC’s recognition of the creative economy as an important sector for job creation, youth empowerment, and economic diversification.

Under the mandate partnership, IFC will support the refurbishment of Terra Kulture’s creative and training facilities in Lagos. The collaboration is designed to improve access to professional creative spaces and training opportunities, helping to build a stronger and more organised creative ecosystem in Nigeria.

The partnership will also support the development, production and global sharing of Nigerian stories from an African perspective. Through its training and production model, Terra Kulture equips young creatives with industry-relevant skills, professional networks and pathways into employment and entrepreneurship across theatre, film, visual arts and cultural production.

For over 20 years, Terra Kulture has played a significant role in preserving Nigerian languages, storytelling and artistic expression. It has served as an incubator for actors, writers, technicians and creative entrepreneurs, combining cultural preservation with business development and showing how creative institutions can generate both social and economic value.

Speaking on the partnership, IFC Vice President for Africa, Ethiopis Tafara, said creative industries remain a strong source of jobs and opportunity, especially for young people and women.

“Creative industries are a powerful source of jobs and opportunity, particularly for young people and women. This mandate partnership with Terra Kulture reflects IFC’s belief that locally rooted creative institutions can play a meaningful role in inclusive growth. By strengthening platforms that professionalise creative talent and preserve cultural expression, we are supporting Nigeria’s long-term economic transformation,” he said.

The mandate partnership aligns with IFC’s broader strategy to formalise, finance and scale creative enterprises across emerging markets. IFC noted that the sector has strong links with tourism, technology and services, while also playing an important role in preserving cultural identity. The partnership also reflects the growing recognition of Africa’s creative sector and its potential to project African stories globally from an African point of view.
Founder of Terra Kulture, Bolanle Austen-Peters, described the partnership as vital to the growth of Nigeria’s creative economy.

“We value IFC’s confidence in Terra Kulture’s work. Their support enables us to expand platforms that nurture talent, tell our stories and build a globally competitive creative sector. Strategic partnerships like this are essential to transforming the cultural ecosystem from passion-driven to industry-driven,” she said.

As Nigeria continues to pursue economic diversification, both organisations said the partnership signals a shared commitment to exploring how creative institutions can contribute to job creation, skills development and sustainable livelihoods, while also strengthening the country’s cultural capital.

The signing ceremony featured a guided tour of Terra Kulture’s facilities, including its art gallery and 400-seat theatre. Guests were also shown a documentary highlighting Terra Kulture’s events, youth development programmes, films and stage productions by Bolanle Austen-Peters.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. It operates in more than 100 countries, using capital, expertise and influence to create markets and opportunities in developing economies. In the 2025 fiscal year, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, helping to mobilise private capital to reduce poverty and promote sustainable development.

Terra Kulture Arts and Studios Limited, founded in 2003 by cultural advocate and producer Mrs. Bolanle Austen-Peters, is regarded as one of Nigeria’s leading centres for arts and culture. The institution was established to preserve and promote Nigerian languages, heritage and artistic traditions.

Over the past two decades, Terra Kulture has grown into a major cultural institution, housing an art gallery, bookstore, African restaurant, a world-class 400-seat theatre and a thriving film and theatre production arm. It has helped shape Nigeria’s modern cultural scene by providing a platform for high-quality storytelling rooted in African identity.

The centre has hosted and collaborated with well-known artists such as Femi Kuti, Burna Boy and Davido. Its theatre has also staged successful productions including ‘Moremi,’ ‘Dear Kaffy’ and ‘Fela and the Kalakuta Queens,’ drawing wide audiences and setting new standards for stage production in the country.