Chidinma Iroegbu
The French Development Agency (AFD) and the Bank of Industry (BOI) have signed a $30 million financing agreement to help Nigerian creative businesses access funding, in line with the Federal Government’s Destination 2030 plan for the sector.
The agreement was signed in Abuja on October 27, 2026, during a visit by AFD Chief Executive Officer, Christophe Lecourtier, with BOI Managing Director, Dr. Olasupo Olusi, present at the ceremony.
The funding will support businesses in fashion, textiles, design, music, film, audiovisual production, video games and visual arts, with the credit line denominated in local currency.
At least 90 per cent of the facility will be made available to micro, small and medium-sized enterprises (MSMEs), particularly businesses owned by women and young people, as well as those seeking loans for the first time.
The deal also includes a €500,000 technical assistance programme to help BOI improve its services to creative businesses and develop financial products that meet their needs.
Under the programme, at least 70 per cent of relevant BOI staff are expected to receive training to help them better understand the industry and provide suitable financial support.
AFD said the agreement is its first credit line dedicated to cultural and creative industries anywhere in the world, marking a new step in its partnership with Nigeria.
The agency’s press release puts the sector’s contribution at about five per cent of Nigeria’s Gross Domestic Product (GDP), with more than 4.2 million jobs supported across the economy.
The programme is expected to make it easier for creative entrepreneurs to obtain funding, create skilled jobs and overcome other challenges that limit business growth.
AFD operates in more than 160 countries, financing development projects and providing technical expertise, while BOI supports Nigerian enterprises through funding and business services aimed at creating jobs, reducing poverty and expanding the economy.