AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector

…90% of facility reserved for small businesses, women and youth entrepreneurs targeted

By: Michael Mike

The French Development Agency (AFD) and the Bank of Industry (BOI) have signed a $30 million financing agreement to expand access to credit for Nigeria’s creative industry, with at least 90 per cent of the facility earmarked for micro, small and medium-sized enterprises (MSMEs).

The agreement, which includes a €500,000 technical assistance programme, is AFD’s first credit line dedicated to cultural and creative industries anywhere in the world, positioning Nigeria as the beneficiary of a financing initiative targeting one of the country’s emerging sources of jobs and economic diversification.

The facility, signed in Abuja during the visit of AFD Chief Executive Officer, Christophe Lecourtier, is designed to improve access to finance for businesses in fashion, design, textiles, music, film and audiovisual production, video games and visual arts.

Women-led and youth-led enterprises, as well as first-time borrowers, are among the priority beneficiaries of the programme, which seeks to address financing barriers that have constrained the growth of creative businesses.

The initiative comes as Nigeria’s cultural and creative industries account for approximately five per cent of the country’s Gross Domestic Product (GDP) and provide livelihoods for more than 4.2 million people.

Under the agreement, the BOI will deploy the credit facility to eligible businesses, while the technical assistance component will strengthen the bank’s capacity to finance the sector through staff training and the development of financial products tailored to the needs of creative enterprises.

The programme targets the training of at least 70 per cent of relevant BOI staff, alongside the development of specialised financing products to better serve businesses whose needs may differ from those of conventional industrial enterprises.

The agreement was signed by BOI Managing Director, Dr Olasupo Olusi, and Lecourtier, who represented AFD, reinforcing the longstanding partnership between the two institutions.

Beyond expanding access to credit, the initiative is expected to promote financial inclusion, support skilled employment and strengthen the contribution of the creative economy to Nigeria’s sustainable and inclusive growth.

Its focus on smaller businesses could prove particularly significant for entrepreneurs seeking to expand production, acquire equipment, develop new products or reach wider markets but who struggle to secure affordable financing.

The facility also aligns with the Federal Government’s Destination 2030 ambition for the creative sector, as Nigeria seeks to diversify its economy and harness industries capable of generating employment and business opportunities for its growing population.

The €500,000 technical assistance component is expected to complement the lending facility by improving BOI’s capacity to understand and meet the financing needs of creative businesses.

For AFD, the agreement represents an expansion of its development financing partnership with Nigeria, while the BOI is expected to use the facility to support enterprise development, job creation and economic diversification.

The two institutions said the programme would help remove financial and non-financial barriers to the development of Nigeria’s cultural and creative industries.

AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector

Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital

By: Michael Mike

The family of a deceased engineer whose corpse allegedly disappeared from a mortuary in Anambra State has asked the Inspector-General of Police (IGP) to order a supplementary investigation into the incident, citing omissions and inconsistencies in the police report.

The family, through its lawyer, Mr Joseph Offor, said the investigation into the disappearance of Chukwunweike Okammelu’s body from the mortuary of Chukwuemeka Odumegwu Ojukwu Teaching Hospital, Amaku, Awka, had left critical questions unanswered.

In a letter dated July 6 and addressed to the IGP, Offor, counsel to Chief Osita Okammelu, urged the police chief to review the investigation and direct further inquiries into the circumstances surrounding the disappearance of the corpse.

The petition was also copied to the Deputy Inspector-General of Police in charge of the Force Criminal Investigation Department, Abuja.

Offor said the matter was referred to the IGP following the family’s complaint, after which it was assigned to the Intelligence Response Team (IRT) for investigation.

He said the IRT had concluded its investigation and issued a report, but his client identified material omissions, inconsistencies and investigative gaps that, he argued, undermined the completeness, fairness and credibility of the findings.

According to him, the report acknowledged the possibility of criminal conspiracy and systemic failures but recommended the prosecution of only the mortician, Mr Clement Ogbonna.

He further alleged that the report acknowledged that significant aspects of the investigation remained outstanding while simultaneously recommending immediate prosecution.

Offor said the findings also identified serious administrative and operational negligence without adequately investigating or recommending appropriate action against all persons who might bear criminal responsibility.

He added that the investigators relied on financial records, call data records and other documentary exhibits without making comprehensive findings from the evidence.

The lawyer said critical questions concerning the chain of custody of the corpse, the roles of other listed suspects, institutional responsibility and the circumstances surrounding the alleged unlawful release and disappearance of the body remained unresolved.

Following the disappearance, the family had reported the matter to the police and raised concerns about what it described as the unprofessional conduct and poor handling of the case by the hospital management.

Offor alleged that, rather than adequately addressing the incident, the hospital leadership relied on what the family described as “spurious narratives and falsehoods” attributed to the mortician.

“Our client has accordingly prepared a detailed analysis identifying these gaps and respectfully demonstrating why he believes the investigation requires further review,” he said.

He urged the IGP to direct a supplementary investigation, with particular attention to the issues outlined in a memorandum accompanying the petition.

“Our client firmly believes that a thorough and comprehensive investigation will ensure that truth is fully uncovered and that justice is done to all parties without fear or favour,” Offor said.

Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital

Presidential Campaign: Zulum Calls for Strategic Mobilisation

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has called for effective coordination and strategic engagement among members of the Contact and Mobilisation Committee of the All Progressives Congress (APC) Presidential Campaign Council.

Zulum made the call on Tuesday at a meeting of the committee in Abuja where he urged members to demonstrate commitment to their responsibilities and work together to deliver on its mandate.

Zulum, who serves as Coordinating Director, Contact and Mobilisation, said the committee was responsible for coordinating the activities of its various units and groups in line with directives from the APC national leadership.

He stated that its central assignment was to work towards the re-election of President Bola Ahmed Tinubu and Vice President Kashim Shettima.

The Governor stressed the importance of holding periodic meetings to review activities, assess progress and develop strategies for engagement and mobilisation.

Governor Zulum also urged members to draw on their collective experience and strengthen consultations to ensure the committee delivers on its mandate.

The meeting was attended by the Deputy Director-General of the Presidential Campaign Council in charge of mobilisation, Senator Adams Oshiomhole; Minister of State for Education, Professor Suwaiba Said Ahmad; Minister of Women Affairs, Imaan Sulaiman-Ibrahim and Chairman and Chief Executive Officer of Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa.

Presidential Campaign: Zulum Calls for Strategic Mobilisation