Bank of Industry expands Nigerian tech and creative sector support

The Bank of Industry (BOI) has implemented several initiatives to bolster Nigeria’s economic diversification through technology and the creative arts. Under its Innovation Tech Hub Program, the bank has established 15 tech and innovation hubs across the country since 2018. These hubs have reportedly impacted over 9,220 aspiring entrepreneurs and facilitated the creation of 950 startups.

Additionally, the BOI has signed a $30 million credit facility agreement with the Agence Française de Développement (AFD) to support Nigeria’s creative and cultural industries. This funding targets sectors including music, film, fashion, design, and gaming. The facility is designed to provide affordable financing with a specific focus on empowering youth-led and women-led businesses to drive job creation and economic growth.