Business
Nigeria, EU Discuss €20m Initiative to Boost Museum Collaboration, Creative Industry Growth
Joel Ajayi
Nigeria and the European Union have agreed on a €20 million (Twenty Million Euro) initiative to strengthen partnerships between museums and support film festivals and digital creative industries.
The initiative was made known on Thursday in Abuja, when a high-level delegation from the European Union led by the EU Ambassador to Nigeria and ECOWAS Ambassador Gautier Mignot, paid a courtesy visit to the Minister of Art, Culture, Tourism and Creative Economy, Barrister Hannatu Musa Musawa.
The agreement is part of a broader effort to harness Nigeria’s rich cultural heritage to drive economic growth, create jobs, and promote national unity.
The meeting also emphasized the importance of international cultural exchanges and cooperation in promoting economic growth and national development.
The €20 million initiative is expected to have a significant impact on Nigeria’s cultural landscape.
At the meeting, the Minister of Art, Culture, Tourism and Creative Economy Barrister Hannatu Musa Musawa discussed plans to produce a ‘Unity Song’ featuring major Nigerian artists, to promote national unity and address security concerns through music.“Culture is central to civilization and growth. We must harness our rich cultural heritage to drive economic growth, create jobs, and promote national unity,” the Minister said.
Plans for an upcoming Creative Economy Summit to convene stakeholders, coordinate activities, and avoid duplication of efforts in the creative industry were also highlighted. The summit aims to drive strategic collaboration, investment, and innovation in Nigeria’s creative sector.
The Minister also emphasized the need for data-driven interventions to guide policy decisions and maximize impact in the cultural sector. She stated that data mapping will be crucial in informing cultural and creative economy interventions, ensuring that efforts are targeted and effective.
The Nigerian government and EU partners expressed commitment to deepen their cooperation in the cultural sector, with a focus on capacity building, digital skills development, and job creation.
Both parties will in future harness the creative industry for job creation and economic growth, and align projects with international best practices while ensuring they are tailored to Nigerian realities.
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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