EcoBank Charges Nigerian Artists To Leverage $62bn Global Art Market

With the global art market projected to generate over $62 billion in revenue, EcoBank Nigeria has emphasised the need to position Nigerian creatives to benefit not just financially but also as cultural ambassadors.

Speaking at the commencement of the second edition of the +234 Art Fair, curated by Soto Gallery in partnership with EcoBank Nigeria Limited and the Africa Finance Corporation (AFC),Head of SME, Partnerships, and Collaboration at EcoBank, Omoboye Odu highlighted the initiative’s goal of showcasing local artists on the global stage.

She noted that the bank’s partnership with the +234 Art Fair, which began last year, had already proven successful.  “The global art market is estimated to be worth around $62 billion, with the bulk of it coming from America,” Odu said.

“As a pan-African bank, EcoBank Nigeria is committed to solving financial inclusion challenges in Africa, and we are working to ensure that African artists, particularly Nigerians, who are the most recognised on the continent, are well represented.”

While acknowledging that EcoBank is primarily a financial institution, Odu explained that, its role in the art industry extends to providing financial and corporate governance guidance to help artists grow and succeed internationally.

Founder of +234 Art Fair and Soto Gallery, Tola Akerele, explained that the fair is designed to help artists assess their standing locally, regionally, and globally while equipping them with the knowledge needed to navigate the market.

Scheduled to take place at the EcoBank Pan African Centre (EPAC) from March 27 to 31, 2025, this year’s fair is themed: ‘Championing Patronage in Nigerian Art.’ It will feature workshops, panel discussions, and fireside chats with industry experts to educate artists on the business side of art.

“The goal is to elevate emerging and unrepresented Nigerian artists so they can contribute to and benefit from the economy,” Akerele stated. “This initiative is all about promoting Nigerian culture, heritage, and the creative economy.”