Hannatu Musawa, Minister of Culture and Creating Economy
Nigeria to Launch $200m Afrexim Bank Fund for Tourism, Creative Economy June 2025
Nigeria is set to launch a $200 million fund from the African Export-Import Bank (Afrexim Bank) on June 1, 2025, to boost its tourism and creative economy sectors.
Hannatu Musa Musawa, Minister of Arts, Culture, Tourism, and Creative Economy, announced this on Wednesday, revealing that the government is also working to mobilize $2 billion in global and local investments.
These efforts aim to expand the creative economy to $100 billion and create millions of jobs by 2030.
In a statement by her Special Assistant on Compliance and Coordination, Jummai Ali, the Minister highlighted ongoing advanced negotiations with international finance partners to attract substantial investments.
This initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which focuses on economic diversification and job creation.
The $200 million Afrexim Bank funding will directly support the cultural and creative industries, accelerating their growth and ensuring Nigeria’s tourism and creative sectors continue to thrive.
Musawa emphasized her vision to position Nigeria as a global tourism hub, noting that the Ministry’s innovative policies have already garnered significant investor interest.
Discussions with potential investors have been ongoing since the unveiling of strategies to build a $100 billion creative economy by 2030.
The Ministry is driving its economic diversification project through four strategic pillars:
1. Data-driven insights via D-30 projects,
2. Stakeholder collaboration,
3. Policy reforms and infrastructure modernization through Public-Private Partnerships (PPPs), and
4. Global tourism and cultural promotion under the “Nigeria Everywhere” brand.
Each initiative within these pillars is designed to deliver substantial economic impacts, including doubling the tourism sector’s contribution to GDP, creating over two million jobs by 2030, and positioning Nigeria among the world’s top 20 creative economies.
Musawa reaffirmed the Ministry’s commitment to transforming Nigeria into a global tourism brand through targeted programs and policies, supported by the mobilization of $2 billion in investments to expand the creative economy and drive job creation.
