Nigeria will kick off the implementation of the $200 million African Export-Import Bank (Afrexim) fund to boost the tourism sector and to bolster the cultural and creative industries on June 1, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, has confirmed.
The fund aligns with the Ministry’s target of engendering transformation and positive change through actionable plans aligned with President Bola Ahmed Tinubu’s administration’s Renewed Hope Agenda for diversification and job creation.
Musawa also revealed efforts to source $2 billion in global and local investments to create jobs and expand the creative economy to $100 billion by 2030, adding that advanced negotiations with international finance partners to attract substantial global investments and accelerate growth in the tourism and creative economy are ongoing.
According to Musawa, “this funding will go directly into the sector, and it will be operationalised by June 1 2025, ensuring that Nigeria’s tourism and creative economy continue to flourish.”
In line with the overarching vision of positioning Nigeria as a global tourism hub, Musawa highlighted that the Ministry’s innovative policies are generating significant investor interest and that discussions with potential investors have been underway since the announcement of strategies to develop a $100 billion economy by 2030.
“The Ministry is focused on four strategic pillars to advance its economic diversification project: data-driven insights through D-30 projects; collaboration with stakeholders; policy reforms alongside infrastructure modernisation via public-private partnerships (PPPs); and the promotion of global tourism and culture through the ‘Nigeria Everywhere’ brand,” Musawa noted.
The Minister further explained that each initiative within the pillar aims to generate substantial economic benefits while outlining key targets, such as doubling the tourism sector’s contribution to GDP, creating over two million jobs by 2030, and positioning Nigeria among the world’s top 20 creative economies.
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FAQs
- What is the purpose of the $200 million Afreximbank fund?
The fund aims to boost Nigeria’s tourism and creative economy by accelerating the growth of cultural and creative industries.
- When will the operationalisation of the fund begin?
The operationalisation of the fund is set to begin on June 1, 2025.
- What are the broader goals of this initiative?
The initiative aims to create a $100 billion creative economy by 2030, generate over two million jobs, and position Nigeria globally among the top 20 innovative economies.
- How does this align with Nigeria’s economic strategy?
This initiative aligns with President Tinubu’s Renewed Hope Agenda for economic diversification and job creation. It focuses on strategic pillars like data-driven insights and infrastructure modernisation.
- What other investments are being mobilised alongside this fund?
Efforts are underway to mobilise an additional $2 billion from global and local investments to support job creation and expand the creative economy.
