$200m Afrexim funding for creative economy operational June 1 – Musawa

Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musa Musawa, Wednesday, said the $200 million African Export-Import Bank (Afrexim) Bank fund to support the tourism and creative economy will commence operationalisation on June 1, 2025.

A statement issued in Abuja by the special assistant on  Compliance and Coordination to the minister, Jummai Ali, quoted the minister to have reiterated that, efforts were already in advanced stages, through international finance partnerships, to attract significant international investments, further accelerating growth in the tourism and creative economy.

“As part of the funding effort, the Hon Minister has secured a commitment of $200 million from Afrexim Bank, which will accelerate the building of the cultural and creative industries.

“This funding will go directly into the sector, and it will be operationalized by June 1, 2025, ensuring that Nigeria’s tourism and creative economy continue to flourish,” she said. 

She disclosed further that upbeat investors have already been in talks with the ministry since the unveiling of its policies to create a $100 billion economy in 2030.

Musawa highlighted the minister’s transformative efforts to establish Nigeria as a global tourism hub through the ministry’s innovative policies.

“The ministry is focused on four strategic pillars to drive its economic diversification project,” she said.