The Federal Government of Nigeria has secured $200 million investment from the African Export–Import Bank (Afreximbank) to boost the nation’s creative industry.
In a statement seen by Nairametrics, the funding was announced during the “Destination 2030: Nigeria Everywhere” event held at the United Nations General Assembly (UNGA) in New York, organized by Nigeria’s Ministry of Arts, Culture, and the Creative Economy.
Professor Benedict Oramah, President and Chairman of Afreximbank, highlighted the bank’s commitment to Nigeria’s creative industries by announcing a $200 million financing facility aimed at supporting the Ministry’s new initiatives.
He emphasized that “investing in the creative industries is about building a foundation for sustainable economic growth and positioning Africa as a global cultural leader.”
FG seeks investors to create 2 million jobs
The Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, stressed the importance of global partnerships in driving the nation’s vision forward in her keynote address.
She stated, “Destination 2030: Nigeria Everywhere is our roadmap to transforming Nigeria into a global cultural powerhouse. To fully realize 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.”
This investment is a crucial component of Nigeria’s broader initiative to enhance its cultural assets and promote its rich artistic heritage on the global stage.
Other engagements
In addition to the main event, Musawa participated in several high-level meetings during UNGA to advance Nigeria’s cultural and creative aspirations. She discussed aligning Nigeria’s cultural initiatives with the UN’s Sustainable Development Goals (SDGs) in talks with UN Deputy Secretary General Amina Mohammed and the Executive Director of the UN Office for Partnerships.
Furthermore, a meeting with U.S. State Department Under Secretary for Public Diplomacy, Lee Satterfield, addressed the Minister’s 8-point plan and the potential U.S. support for Nigeria’s creative industries.
Bilateral discussions with Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, also led to an agreement to foster collaboration in both nations’ creative sectors.
By strategically investing in its cultural assets, including the revitalization of the National Theatre and initiatives to nurture young talent, Nigeria is positioning itself as a creative powerhouse poised to drive economic growth and shape global narratives.
Nigeria records 36% increase in cultural influence
The Ministry of Arts, Culture, and the Creative Economy reported a 36% increase in Nigeria’s cultural influence and an 18% rise in the Brand Perception Index as of 2024, highlighting the positive reception of Nigeria’s cultural diplomacy efforts on the world stage.
Central to the “Destination 2030” initiative is Nigeria’s objective to establish itself as a global soft power leader by 2030. President Tinubu has set clear Key Performance Indicators (KPIs) and deliverables for this vision, which includes positioning Nigeria as a top cultural influencer and enhancing its global brand perception.
Nigeria’s approach to cultural diplomacy draws inspiration from successful models like South Korea and Japan, which have effectively utilized their cultural exports, such as K-pop and anime, to enhance global influence and generate economic value.