Nigeria’s Minister of Arts Takes $200 Million Loan from Afreximbank to ‘Boost Creative Industry’

Nigeria’s Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, has secured a $200 million loan from the African Export-Import Bank (Afreximbank), adding to the country’s growing debt. Speaking on Wednesday, Musawa said the loan is part of the ministry’s “Destination 2030” plan and will be used to boost Nigeria’s creative industries.

According to the ministry, Nigeria has already seen a 36 per cent rise in cultural influence in 2024. Afreximbank president, Benedict Oramah, praised the initiative and said he expects that the loan will boost Nigeria’s creative sector and increase its cultural and economic impact on the global stage.

Musawa stated that the loan will create two million jobs and contribute $100 billion to Nigeria’s GDP. However,  previous government initiatives and loans have failed to deliver on similar promises

It will be recalled that Nigeria recently acquired an additional N2.6trn loan from the World Bank. The recent loan adds to the country’s debt profile, which stood at ₦121.67 trillion as of March 2024 according to the Debt Management Office. Nigeria’s growing external debt, which is rapidly increasing, does not match the harsh economic realities in the country.

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