The Bank of Industry (BOI) and France’s Agence Française de Développement (AFD) have signed a $30 million credit facility to support Nigeria’s creative and cultural industries.
BOI Managing Director Dr. Olasupo Olusi and AFD Group Chief Executive Officer Christophe Lecourtier signed the agreement in Abuja.
Olusi described the deal as a major milestone in the longstanding partnership between both institutions, noting that the creative sector offers significant opportunities for job creation, youth inclusion and economic diversification.
He said the facility would support businesses across music, film, fashion, design and gaming, while addressing limited access to affordable financing.
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He said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and the Federal Government’s ambition to grow Nigeria’s economy to $1 trillion.
Olusi added that priority would be given to women-led and youth-led businesses, as well as segments of the economy traditionally excluded from financing.
Lecourtier described BOI as AFD’s leading development banking partner in Nigeria and its largest partner for non-sovereign loans.
He also recalled their earlier collaboration involving a credit line of more than €100 million focused on climate-related projects under the Transforming Financial Systems for Climate (TFSC) programme.
He said both institutions shared strategic priorities that would strengthen their continued cooperation.
