Bank of Industry secures $30m credit line with French development bank to fund Nigeria’s creative sector

The Bank of Industry (BOI) and the Agence Française de Développement (AFD) have established a $30 million credit line designed to broaden financial support for Nigeria’s creative and cultural sectors. BOI Managing Director Dr Olasupo Olusi and AFD Chief Executive Officer Christophe Lecourtier executed the contract in Abuja. According to both organizations, the funding will focus on companies within the music, film, fashion, design, and gaming fields, while giving special priority to ventures run by women and young founders.

Olusi characterized the arrangement as a significant achievement that strengthens the enduring relationship between the two bodies and supports President Bola Tinubu’s Renewed Hope Agenda, which aims to expand Nigeria’s economy to reach a $1 trillion valuation. He highlighted that limited access to affordable finance remains a key obstacle for creative firms and that the new line will bridge this gap by offering larger volumes of credit at lower rates.

Lecourtier reaffirmed AFD’s perception of BOI as its primary development-banking ally in Nigeria and its biggest recipient of non-sovereign lending. He referenced an earlier joint effort that allocated a credit line exceeding €100 million to climate-focused initiatives through the Transforming Financial Systems for Climate programme. The CEO noted that French interest in Nigerian cultural products is growing and that the facility could pave the way for further European cooperation.

Background

The BOI‑AFD partnership dates back to at least a €100 million credit line focused on climate finance, demonstrating a history of joint development projects. The current facility marks the first time the two institutions have jointly targeted Nigeria’s creative economy, a sector identified by both parties as a significant driver of employment and diversification. The agreement was signed in Abuja, the nation’s capital, and is positioned within the broader context of the Tinubu administration’s Renewed Hope Agenda, which prioritises youth inclusion and economic diversification beyond oil.

Why it matters

Nigeria’s creative sector, encompassing music, film, fashion, design and gaming, is viewed as a high‑growth area capable of absorbing large numbers of young people into productive employment. By providing affordable financing, the $30 million facility aims to address the financing gap that has limited the sector’s expansion. The focus on women‑led and youth‑led businesses is intended to broaden participation and reduce exclusion from traditional credit channels. Successful deployment of the funds could enhance the sector’s contribution to GDP, support the government’s $1 trillion economic target, and strengthen cultural ties between Nigeria and France.

What happens next

Both BOI and AFD have indicated that the facility will be deployed prudently to credible, growth‑oriented enterprises. Lecourtier mentioned that discussions are already underway for a subsequent credit line aligned with Nigeria’s development priorities, suggesting that the $30 million facility could be the first of a series of financing arrangements. The exact timeline for disbursement and the criteria for beneficiary selection were not detailed in the statements, but both parties affirmed a commitment to monitor outcomes and explore further collaboration.