Business
Ministry of Arts, Culture and Creative Economy Presents Budget Performance Report to National Assembly
Joel Ajayi
The Ministry of Art, Culture, Tourism and Creative Economy has presented its budget performance report to the National Assembly, highlighting the ministry’s achievements, challenges, and future plans.
The report which was presented to the House Committee on Art, Culture and Creative Economy on Wednesday, detailed the ministry’s efforts to promote Nigeria’s cultural heritage, support the growth of the creative industry, and drive economic growth.
The ministry’s initiatives include developing a robust intellectual property policy, investing in infrastructure, and fostering collaboration with stakeholders.
The ministry’s budget performance presentation which highlighted its eight-point plan, initiatives such as Nigeria Destination 2030, skills development, policy frameworks, intellectual property protection, strategic partnerships, growth targets, digital transformation, and cultural heritage preservation was given a thumbs up by the House committee.
During the presentation, the minister, Barr Hannatu Musa Musawa highlighted the challenges faced by the ministry, including limited resources and infrastructure. Despite these challenges, she said that the ministry has made significant progress in promoting Nigerian culture and supporting the creative industry.
Musawa also emphasized the importance of collaboration and partnership in driving the growth of the creative industry.
“We cannot do this alone. We need to work together with stakeholders, including industry experts, international partners, and the National Assembly, to drive economic growth and job creation”.
The minister explained that the ministry’s initiatives are expected to have a significant impact on the creative industry, generating revenue, creating jobs, and promoting Nigerian culture globally. She stated that the ministry is also exploring ways to develop infrastructure, including a physical Bollywood-style destination, and creating a streaming platform to showcase Nigerian content.
“The ministry has also secured a grant from the French treasury to support infrastructure development, and is working to leverage international partnerships to drive growth in the creative industry” the minister said.
Earlier, the Permanent Secretary of the Ministry Dr Mukhtar Yawale Muhammed, MFR, mni. highlighted key achievements and budget performance in the sector as well as the ministry’s GDP contribution to the economy, tourism revenue accrued, and project implementation.
The Chairman, House Committee on Art, Culture and Creative Economy Hon. Gabriel Saleh Zok commended the ministry’s initiatives and expressed the Committee’s commitment to support the growth of the creative industry.
“We are here to access your budget performance and ensure effective utilization of funds appropriated. We expect to have a closer working relationship with the ministry”.
The interaction with the House Committee members provided insights into the Ministry’s efforts to drive economic growth and development through strategic initiatives and project implementation.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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