The Ministry of Arts, Culture, and Creative Economy has obtained a $200 million investment from the African Export-Import Bank (Afreximbank) to bolster Nigeria’s creative sector. This funding was revealed at the “Destination 2030: Nigeria Everywhere” event held during the recent United Nations General Assembly (UNGA) in New York.
According to the Ministry “It should be noted that central to the “Destination 2030” initiative is Nigeria’s ambition to assert itself as a global soft power leader by 2030. “As of 2024, the creative economy ministry reported a 36 percent increase in Nigeria’s cultural influence and an 18 percent increase in the brand percent index, reflecting the positive reception of Nigeria’s cultural diplomacy efforts on the global stage.”
Hannatu Musawa, the Minister of Arts, Culture, and Creative Economy, informed investors at the event that Nigeria’s rich artistic heritage is garnering international interest and promising returns on investments. She emphasized that the nation’s cultural prowess, evidenced by its global influence in the arts, establishes Nigeria as a key player in the global creative economy.
Speaking on the “Destination 2030” initiative, she stated that Nigeria seeks to establish itself as a global cultural hub while significantly contributing to global cultural diplomacy and spurring economic growth. “The Destination 2030 event was a vibrant celebration of Nigeria’s rich cultural tapestry,”.
The President and Chairman of Afreximbank, Benedict Oramah, reiterated the bank’s commitment to Nigeria’s creative industry. He announced a $200 million financing facility designed to support the Ministry’s new initiative, emphasizing that investing in the creative industries is essential for establishing a foundation for sustainable economic growth and positioning Africa as a global cultural leader.
