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

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

697

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.

Read More:

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Kano
News

Kano Transport Commissioner Ibrahim Namadi Resigns Following Probe Into Surety Role For Suspected Drug Baron

Kano State Commissioner for Transport, Ibrahim Namadi, has officially resigned from his...

News

Ghana’s Minister of Defence, Environment, 6 Others Confirmed Dead In Military Helicopter Crash

Ghana’s Defence Minister, Dr. Edward Omane Boamah, Environment Minister Ibrahim Murtala Mohammed...

Tinubu
News

5% Fuel Tax: Tinubu’s Administration Keeps Inventing New Ways to Punish Nigerians

A new fuel surcharge under the 2025 Nigeria Tax Administration Act (NTAA)...

News

Tinubu’s Revenue Push Is Driving Up Import Prices Through Inflated Customs Valuations

Despite the suspension of the controversial 4 per cent Free-on-Board (FOB) import...