AFD Grants $60 Million to Nigerian Creative, Agriculture, and Energy Sectors
AFD Group committed $60 million in new financing to Nigerian businesses in creative, agriculture and renewable energy sectors.
In Brief
- •AFD Group committed $60 million in new financing to Nigerian businesses in creative, agriculture and renewable energy sectors.
- •$30 million loan to the Bank of Industry will support cultural and creative enterprises, while another $30 million facility via Proparco will back renewable energy projects and SMEs in agriculture.
- •The agreements were signed during AFD chief executive Christophe Lecourtier’s visit to Nigeria from October 26‑28, 2026, with meetings in Lagos and Abuja.
- •The financing aims to broaden access to capital, create jobs and strengthen ties between Nigerian and French companies.
Why It Matters
Nigeria’s creative industries contribute nearly 2 % of GDP and employ over four million people, yet many firms struggle to secure affordable financing. By injecting $60 million, AFD seeks to unlock growth in sectors critical to economic diversification and job creation. The move also signals France’s intent to deepen economic engagement with one of Africa’s largest markets, potentially attracting further foreign investment.
Key Details
- Total Financing
- $60 million
- Loan to BOI
- $30 million
- Facility to Sterling Bank
- $30 million
- Agreement Dates
- October 26‑28, 2026
Context & Background
Nigeria is actively pursuing policies to expand access to finance for businesses, create jobs and attract capital into sectors deemed vital for economic diversification.
Original Reporting & Sources
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