On October 5, 2024, Afreximbank approved a financing facility of $20.8 million for Starlink Global & Ideal Limited in Nigeria. This funding is designated for the establishment of a 30,000-metric tonne per annum cashew processing factory in Lagos. The financing will be disbursed in two tranches: $7.48 million for capital expenditure and $13.25 million for working capital [926fe698].
The project is expected to create approximately 400 jobs and support around 40 small and medium-sized enterprises in the region, significantly contributing to local community development. The facility agreement for this project was signed on July 22, 2024, with Kanayo Awani, Afreximbank's Executive Vice President, emphasizing the positive impact on employment and local economies [926fe698].
In a related development, on the same day, Barrister Hannatu Musa Musawa, Nigeria's Minister of Art, Culture, and the Creative Economy, announced the successful acquisition of a $200 million financing facility from Afreximbank aimed at enhancing Nigeria's creative industries. This funding aligns with the government's Destination 2030 vision, which seeks to transform Nigeria into a global cultural powerhouse [988b7db3].
Musawa highlighted the importance of global partnerships to create two million jobs and contribute $100 billion to Nigeria's national GDP. This initiative is part of a broader strategy that includes the recently announced Creative Economy Development Fund (CEDF), which is set to provide $500 million in affordable financing for creative businesses [988b7db3].
The partnership with Afreximbank was underscored by Prof. Benedict Oramah, the bank's President, during an event in New York, where he stressed the significance of investing in creative industries for sustainable economic growth [988b7db3].
Furthermore, Musawa has been actively promoting Nigeria's creative sector, which currently contributes $5.6 billion to the country's GDP, with a goal to increase this to $20 billion by 2027 [988b7db3]. The U.S. Consulate General in Lagos has also been supportive, participating in events like the Africa Creative Market and conducting workshops on entrepreneurship and digital platforms [988b7db3].
In addition to these financial initiatives, Musawa announced plans to refurbish six national museums across Nigeria starting in October 2024, aiming to enhance the country's cultural heritage and infrastructure [988b7db3]. These combined efforts reflect a robust strategy to foster talent, innovation, and economic collaboration in Nigeria's creative industry, marking a significant step towards enhancing its position in the global creative economy [988b7db3].
Moreover, Musawa engaged in high-level meetings at the United Nations General Assembly (UNGA) to align Nigeria's cultural initiatives with the UN Sustainable Development Goals. The Destination 2030 initiative aims for Nigeria to be a global soft power leader by 2030, and as of 2024, Nigeria reported a 36% increase in Cultural Influence and an 18% increase in Brand Perception Index [988b7db3].