The Bank of Industry (BOI) and France’s Agence Française de Développement (AFD) have signed a $30 million credit facility to expand access to affordable financing for Nigeria’s creative and cultural industries, with priority attention to businesses owned by young people and women.
The agreement is expected to support enterprises across music, film, fashion, design, gaming and other creative segments, positioning the sector as a potential driver of job creation, youth empowerment and economic diversification.
The agreement was signed in Abuja by the Managing Director of BOI, Dr Olasupo Olusi, and the Chief Executive Officer of AFD Group, Christophe Lecourtier.
Speaking at the signing ceremony, Olusi described the facility as a major milestone in the longstanding partnership between the two institutions, noting that it would extend their collaboration into a sector with significant growth potential.
He said Nigeria’s creative economy had considerable capacity to absorb young people into productive employment but continued to face challenges accessing affordable finance.
“The creative sector represents one of the biggest growth opportunities for the Nigerian economy, as it has the biggest capacity to absorb young people and create jobs,” Olusi said.
He added that the facility aligned with President Bola Tinubu’s Renewed Hope Agenda and the Federal Government’s ambition to grow the Nigerian economy to $1 trillion.
According to him, particular attention would be given to women-led and youth-led businesses, as well as enterprises that have traditionally struggled to secure financing.
Olusi assured AFD that BOI would ensure the prudent utilisation of the funds to support credible businesses with strong growth prospects.
In his remarks, Lecourtier described BOI as AFD’s leading development banking partner in Nigeria and its largest partner in terms of non-sovereign lending.
He recalled the institutions’ earlier collaboration through a credit line of more than €100 million focused on climate-related financing under the Transforming Financial Systems for Climate programme.
Lecourtier said the new facility reflected their shared development priorities and growing recognition of the economic potential of Nigeria’s creative industries.
“Cultural and creative industries are very important for the French, but you are probably the leader in Africa for that,” he said.
He noted the growing popularity of Nigerian music and films among French audiences, adding that the agreement would enable both institutions to support the expansion of a sector attracting increasing international interest.
The AFD chief expressed hope that the outcomes of the facility would encourage further cooperation between Nigerian institutions and European development partners.
He also disclosed that discussions were already underway on another credit facility tailored to Nigeria’s development priorities.
Lecourtier further commended relations between Nigeria and France, expressing optimism about continued cooperation despite shifting global priorities.
The $30 million facility adds to efforts by both institutions to improve financing for businesses and strengthen private-sector-led growth in Nigeria, particularly in industries with the potential to generate employment and expand economic opportunities for young people.
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