Nigeria is set to begin implementing the $200 million African Export-Import Bank (Afrexim) fund to boost tourism and the creative economy on June 1, it has emerged.
The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, who disclosed this on Wednesday, also revealed that efforts are underway to mobilize $2 billion in global and local investments to create jobs and expand the creative economy to $100 billion by 2030.
In a statement on Wednesday by her special assistant on compliance and coordination, Jummai Ali, the Minister emphasized that advanced negotiations with international finance partners are underway to attract substantial global investments, further accelerating growth in the tourism and creative economy.
The development, according to Ali in the statement, highlights the Minister’s commitment to driving transformative change through concrete, actionable plans aligned with President Tinubu’s Renewed Hope Agenda for economic diversification and job creation.
“As part of the funding effort, the 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,” the Minister was quoted as saying.
Emphasizing her transformative vision to position Nigeria as a global tourism hub, Musawa noted that the Ministry’s innovative policies have already attracted keen investor interest, affirming that discussions with potential investors have been ongoing since the unveiling of strategies aimed at building a $100 billion economy by 2030.
“The Ministry is focused on four strategic pillars to drive its economic diversification project through Data-driven insights through D-30 projects; stakeholders’ collaboration; policy reforms alongside Infrastructure modernization via Public-Private Partnerships (PPPs); and Global tourism and cultural promotion through the ‘Nigeria Everywhere brand,” she said.
The Minister emphasized that each initiative within the pillar is strategically designed to drive significant economic impacts while outlining key targets, including doubling the tourism sector’s GDP contribution, creating over two million jobs by 2030, and positioning Nigeria among the world’s top 20 creative economies.
She also reaffirmed the Ministry’s commitment in making Nigeria a global tourism brand through its programmes and policies, adding that $2 billion is being mobilised in global and local investments to support job creation and expand the creative economy to $100 billion by 2030.
