Nigeria’s Bank of Industry secures $30 million for creative industries
By the AFREEQUE newsroom, based on Businessday
The Bank of Industry of Nigeria and the French Development Agency have signed a $30 million credit facility to fund Nigeria’s creative and cultural industries. The agreement, concluded in Abuja, is to support businesses led by women and young people in particular, according to officials from the two institutions.
The Bank of Industry of Nigeria (BOI) and the French Development Agency (AFD) have signed a $30 million credit facility for Nigeria’s creative and cultural industries, Businessday reports. The agreement was signed in Abuja by BOI managing director Olasupo Olusi and AFD Group chief executive Christophe Lecourtier.
The funding is to give particular attention to businesses led by women or young people, as well as activities often excluded from funding channels. Olasupo Olusi said access to affordable loans was an obstacle for players in the sector, which includes music, film, fashion, design and video games.
Christophe Lecourtier said the BOI was AFD’s main development partner in Nigeria and its first partner for non-sovereign loans. He also recalled a previous credit line of more than €100 million dedicated to climate issues under the Transforming Financial Systems for Climate programme.
The new agreement extends the partnership between the BOI and AFD. On 21 October, the Nigerian bank had also signed a three-year agreement with the United Nations Development Programme in Abuja, covering another institutional collaboration.
