Musawa secures $200m Afrexim investment to boost creative economy

In a move to boost Nigeria’s creative economy, the Ministry of Arts, Culture, and the Creative Economy secured a $200 million financing facility from the African Export-Import Bank (Afrexim) during the “Destination 2030: Nigeria Everywhere” event at the United Nations General Assembly (UNGA) in New York. The partnership, announced by AfreximBank president, Professor Benedict Oramah, […]

In a move to boost Nigeria’s creative economy, the Ministry of Arts, Culture, and the Creative Economy secured a $200 million financing facility from the African Export-Import Bank (Afrexim) during the “Destination 2030: Nigeria Everywhere” event at the United Nations General Assembly (UNGA) in New York.

The partnership, announced by AfreximBank president, Professor Benedict Oramah, is set to strengthen Nigeria’s growing creative economy, supporting the government’s ambitious plans to create 2 million jobs and contribute $100 billion to the nation’s GDP by 2030.

Speaking on the investment, Professor Oramah said, “The future of Nigeria’s soft power strategy hinges on intentionally leveraging this growing global acceptance of Nigeria’s cultural product through robust initiatives such as “Destination 2030” and the strategic partnerships cultivated during global gatherings like UNGA.

“By investing in its cultural assets, whether through the revitalisation of the National Theatre or initiatives such as CLAP, which seeks to nurture young talent, Nigeria is establishing itself as a creative powerhouse poised to drive economic growth and shape global narratives.

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In her keynote address, the Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, stressed the value of global partnerships in driving the country’s vision forward, stating, “Destination 2030: Nigeria Everywhere is our roadmap to transforming Nigeria into a global cultural powerhouse.

“To fully realise this vision, I urge investors, development partners, and global collaborators to join us in creating 2 million jobs and contributing $100 billion to the national GDP.”