AFD, BoI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector

Michael Olugbode in Abuja

The French Development Agency (AFD) and the Bank of Industry (BoI) have signed a $30 million financing agreement to expand access to credit for Nigeria’s creative industry, with at least 90 per cent of the facility earmarked for micro, small and medium-sized enterprises (MSMEs).

The agreement, which includes a €500,000 technical assistance programme, is AFD’s first credit line dedicated to cultural and creative industries anywhere in the world, positioning Nigeria as the beneficiary of a financing initiative targeting one of the country’s emerging sources of jobs and economic diversification.

The facility, signed in Abuja during the visit of AFD Chief Executive Officer, Christophe Lecourtier, is designed to improve access to finance for businesses in fashion, design, textiles, music, film and audiovisual production, video games and visual arts.

Women-led and youth-led enterprises, as well as first-time borrowers, are among the priority beneficiaries of the programme, which seeks to address financing barriers that have constrained the growth of creative businesses.

The initiative comes as Nigeria’s cultural and creative industries account for approximately five per cent of the country’s Gross Domestic Product (GDP) and provide livelihoods for more than 4.2 million people.

Under the agreement, the BoI will deploy the credit facility to eligible businesses, while the technical assistance component will strengthen the bank’s capacity to finance the sector through staff training and the development of financial products tailored to the needs of creative enterprises.

The programme targets the training of at least 70 per cent of relevant BoI staff, alongside the development of specialised financing products to better serve businesses whose needs may differ from those of conventional industrial enterprises.

The agreement was signed by BoI Managing Director, Dr Olasupo Olusi, and Lecourtier, who represented AFD, reinforcing the longstanding partnership between the two institutions.

Beyond expanding access to credit, the initiative is expected to promote financial inclusion, support skilled employment and strengthen the contribution of the creative economy to Nigeria’s sustainable and inclusive growth.

Its focus on smaller businesses could prove particularly significant for entrepreneurs seeking to expand production, acquire equipment, develop new products or reach wider markets but who struggle to secure affordable financing.

The facility also aligns with the Federal Government’s Destination 2030 ambition for the creative sector, as Nigeria seeks to diversify its economy and harness industries capable of generating employment and business opportunities for its growing population.

The €500,000 technical assistance component is expected to complement the lending facility by improving BoI’s capacity to understand and meet the financing needs of creative businesses.

For AFD, the agreement represents an expansion of its development financing partnership with Nigeria, while the BoI is expected to use the facility to support enterprise development, job creation and economic diversification.

The two institutions said the programme would help remove financial and non-financial barriers to the development of Nigeria’s cultural and creative industries.