BOI Secures $30m Facility To Drive Jobs, Economic Diversification

The Bank of Industry (BOI) has secured a $30 million credit facility from the Agence Française de Développement (AFD) to expand financing for Nigeria’s creative and cultural industries, with the aim of driving job creation, youth inclusion, and economic diversification.

The facility is expected to provide affordable funding to businesses operating across music, film, fashion, design and gaming, with particular attention to enterprises led by women and young entrepreneurs.

The agreement was signed in Abuja by the Managing Director of BOI, Dr Olasupo Olusi, and the Chief Executive Officer of AFD, Christophe Lecourtier, as both institutions seek to strengthen support for one of Nigeria’s emerging growth sectors.

Speaking at the signing ceremony, Olusi described the agreement as a major milestone in the longstanding partnership between the two institutions, noting that the creative economy offers significant opportunities to create jobs and broaden the country’s economic base.

According to him, the sector has the capacity to absorb a large number of young Nigerians into productive employment while generating new sources of income beyond traditional sectors of the economy.

“This agreement builds on a very longstanding partnership between AFD and BOI. The creative sector represents one of the biggest growth opportunities for the Nigerian economy, as it has the biggest capacity to absorb young people and create jobs,” he said.

Olusi said the facility aligns with President Bola Tinubu’s Renewed Hope Agenda and the Federal Government’s ambition to grow Nigeria’s economy to $1 trillion, adding that limited access to affordable financing remains a major obstacle to the expansion of creative businesses.

He explained that the funding would help bridge the financing gap confronting operators in the sector by providing larger volumes of credit at affordable rates, particularly to businesses that have struggled to access financing through conventional channels.

“We are very excited because particular attention will be given to women-led businesses and youth-led businesses. This financing will bridge a very important gap, not only in providing large quantum of financing but also at an affordable cost,” Olusi said.

The BOI managing director assured that the facility would be deployed prudently to credible, growth-oriented enterprises capable of expanding their operations, creating employment, and contributing to economic growth.

He said improved access to funding would strengthen creative businesses’ capacity to scale up their operations and capitalise on growing opportunities in Nigeria’s cultural and entertainment markets.

On his part, Lecourtier described BOI as AFD’s leading development banking partner in Nigeria and its largest partner for non-sovereign loans.

He recalled that the two institutions had previously collaborated on a financing arrangement worth more than €100 million for climate action under the Transforming Financial Systems for Climate (TFSC) programme.

Lecourtier said the new facility reflected the strategic importance of cultural and creative industries to both Nigeria and France, noting the growing international appeal of Nigerian music and films.

“Cultural and creative industries are very important for the French, but you are probably the leader in Africa for that. I know more and more French people that are listening to Nigerian music and watching Nigerian films. For us, it is great to be able to work together and support such a growing sector,” he said.

He added that the agreement would deepen cooperation between the two institutions while supporting the development of Nigeria’s creative economy.

Lecourtier also disclosed that BOI and AFD were already discussing another credit line based on Nigeria’s development priorities, signalling the possibility of further financing support for the country.

He commended the strength of Nigeria-France relations and expressed confidence in continued collaboration to support sectors capable of generating employment, stimulating enterprise growth and advancing sustainable economic development.