Though Nigeria’s design industry has potential to be a driver of economic growth, stakeholders believe it needs to be better positioned.
For years, Nigeria’s economic discourse has been dominated by oil, gas, and fintech. To diversify from these, economic analysts have said the country should be looking at one of its most untapped and undervalued economic engines; the design industry.
The industry has long been seen as an important cultural force, but it has yet to reach its full potential as an economic powerhouse. Across Africa, designers, makers, and manufacturers are brimming with innovation, yet many struggle to scale due to limited access to financing, lack of structured investment, and an absence of industrial infrastructure.
The Nigerian design sector is part of the broader creative industry, which has seen some initiatives aimed at improving access to finance.
For instance, the Central Bank of Nigeria (CBN) launched the Creative Industry Financing Initiative (CIFI) in 2019, providing loans ranging from N3 million to N500 million for creatives. However, these efforts are insufficient to meet the vast needs of the sector.
Designers in Nigeria often struggle to secure funding due to high interest rates and stringent loan conditions. Many rely on informal, high-interest credit sources, which can lead to unsustainable debt cycles. This situation, many operators say, is exacerbated by the lack of specialised financial products tailored to the unique needs of the design sector.
Experts believe that the creative sector in Nigeria has the potential to make a significant contribution to the country’s Gross Domestic Product (GDP).
Currently, the sector contributes approximately $5 billion to the economy, with sub-sectors like music, visual media, and fashion playing key roles. However, the federal government has put plans in place to increase this contribution to $100 billion by 2030 through targeted reforms and strategic partnerships. The motion picture and music recording segments alone accounted for about N154 billion (approximately $197.6 million) in 2023.
It is projected that the sector can create millions of jobs and drive economic diversification, making it a cornerstone of Nigeria’s economic agenda.
The design industry is a broad field that includes many different types of design, such as fashion, product, and interior design.
Stakeholders stated that the design industry cannot thrive on talent and creativity alone, it needs access to tailored financing models, from venture capital to structured loans and grants.
They noted that the design industry is a major driver of socio-economic, cultural, and sustainable change all over the world and Nigeria cannot afford to neglect this sector in its bid to become more prosperous and emerge as a global economic power and a catalytic hub for development in Africa.
As part of this year’s edition of Design & Innovation Exhibition, Design Week Lagos announced a partnership with Woodhall Capital on a new show called Design Den. Fashioned in the mould of TV spectacles which afford young creatives and startup founders the opportunity of pitching ideas to judges towards securing financing options to help them expand and scale up, organisers say Design Den will lead to a new era of financing and industrialisation for the design industry.
Speaking to journalists after a tour of the pavilion to herald the beginning Design Week Lagos this year, organisers believed the initiative will drive the creative industry, long regarded as an important cultural force, to reaching its full potential as an economic powerhouse.
Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa said “in line with President Bola Tinubu’s Renewed Hope Agenda, our ministry is working to implement policies and initiatives that support local talent, foster international partnerships, and promote Nigeria’s diverse cultural expressions.
“By investing in our creative industries, we are not just preserving our heritage; we are building a thriving ecosystem that fuels economic growth and innovation.”
Managing director/regional executive, Ecobank Nigeria Limited, Bolaji Lawal stated that “as a bank committed to driving industry growth, we see this event as a platform for meaningful conversations around Innovation, sustainable practices, and financial solutions tailored to these innovations to reshape Nigeria’s narrative and contribute to the collective vision of Building a Made in Nigeria Brand.”
Founder of Design & Innovation Exhibition, Titi Ogufere which organises the Design Week Lagos, stated that the idea behind the show is to enhance the creative industry and open a new vista of financing for creatives in the design industry across Nigeria.
“At this year’s Design Week Lagos, we are proud to introduce The Design Den—a first-of-its-kind initiative focused on industrialising and financing the design industry. This is not just about supporting designers; it’s about building an entire ecosystem where creativity meets capital and industry. We are unveiling our vision to transform design into a structured, investment-worthy sector that can drive economic growth across Africa,” Ogufere stated.
She added, “one important thing to note about the partnership we’re building with Woodhall Capital is that we have been able to scale up to commit a lot more funding to the industry.”
On the level of impact expected with the initiative, especially drawing inspiration from what has been done in other places across the world, Ogufere posited that the importance of funding for the creative sector cannot be overstated, given how financiers have helped to boost the American market for example.
While focusing on the fundamentals of her company’s involvement, founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu said the motive is towards helping businesses in the design industry attract funding and investment to increase their operational footprints and expand to different markets.
According to the organisers, designers, makers, and manufacturers are brimming with innovation across Africa but many struggle to scale their operations due to limited access to financing, lack of structured investment, and an absence of industrial infrastructure.
“To make funding, industrialisation, strategic partnerships opportunities available, Design Den will be a key driver of industrial and economic development. This will be achieved with Woodhall Capital bringing financing solutions directly to the design sector and providing structured funding to ensure designers, makers, and manufacturers are able to invest in production facilities and expand their market reach to position Africa as an emerging leader in global design and manufacturing.”
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
