The Bank of Industry Limited (BOI), Nigerian development finance institution has entered into a US$30 million credit facility with Agence Française de Développement (AFD), the French public development finance institution, to expand access to financing for Nigeria’s cultural and creative industries. At least 90% of the facility is allocated to Micro, Small and Medium Enterprises (MSMEs), with particular emphasis on women-led and youth-led businesses.
The financing agreement was signed in Abuja on October 27, 2026, by BOI Managing Director, Dr Olasupo Olusi, and AFD Group Chief Executive Officer, Christophe Lecourtier. The facility is designed to channel funding to businesses operating across fashion, design, textiles, music, film and audiovisual production, video games and visual arts.
The transaction also includes a €500,000 technical assistance programme to strengthen BOI’s institutional capacity to finance businesses in the creative sector. The programme will support the development of financial products tailored to the needs of creative enterprises, improvements to the bank’s environmental and social risk management frameworks, and capacity building for personnel involved in assessing and financing businesses in the sector.
The financing addresses a longstanding challenge for Nigeria’s creative industries, where businesses often face difficulties accessing institutional credit to fund production, expand operations and develop commercially viable enterprises. By directing a substantial proportion of the facility towards MSMEs, the programme is expected to improve access to formal financing for smaller businesses, particularly those led by women and young entrepreneurs.
The agreement is also significant for AFD, representing its first credit line dedicated specifically to cultural and creative industries globally. It builds on the development finance institution’s existing relationship with BOI and its broader financing activities in Nigeria.
Duale, Ovia & Alex-Adedipe acted as legal counsel to BOI on the transaction. The firm's advisory team comprised Partner Adeniyi Duale, Managing Associate Tomiwa Ogunbanwo, Senior Associate Chukwuebuka Okoli-Akirika, and Associates Wuraola Oyeniyi and Adedolapo Funmilayo.
Udo Udoma & Belo-Osagie acted as Nigerian legal counsel to AFD. The firm's team was led by Banking and Finance Partner Yinka Edu, supported by Senior Associate Chisom Okolie and Associates Toluwalope Adedokun, Adekunle Abiona and Iheoma Njoku.
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