France injects €100 million support into Nigeria's creative economy
The Government of Nigeria has announced the strengthening of its bilateral relations with France, a move that bolsters support for its creative infrastructure, securing concessionary funding that could rise from an initial €35 million to €100 million.
The Nigerian government has announced a bilateral partnership with France to strengthen creative infrastructure.
The Creative and Tourism Infrastructure Corporation aims to invest up to $100 billion by 2027.
The deal includes an audiovisual co-production agreement and targets job creation and economic growth.
At the eighth edition of the Ministerial Press Briefing Session held at the National Press Centre in Abuja, Nigeria's Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, revealed the new bilateral venture with France
Speaking passionately about Nigeria's creative economy, Musawa stated ' The funding is not just about infrastructure; it's about empowering talent, creating jobs, and positioning Nigeria as the creative capital of Africa. '
She noted that the collaboration with the French Treasury on funding for creative infrastructure projects in Nigeria was one of the key drivers, highlighting the importance of public-private partnerships.
Musawa also highlighted the signed agreement between Nigeria and France for audiovisual co-production, which showcases interest in Nigerian content and aims to drive economic growth, create jobs, and reposition Nigeria as a major player in the global creative economy.
' With our partnership with the French Treasury, and the establishment of the Creative and Tourism Infrastructure Corporation (CTICo), we are on track to invest up to $100 billion and create over two million jobs by 2027.' She added.
Creative economy boosts employment
With evident confidence, the minister announced that the ministry had created over 577,754 jobs, noting significant growth across the creative, cultural, and tourism sectors, including the music industry which encompasses numerous sub-sectors.
She cited a recent report by the National Bureau of Statistics (NBS) which showed that 257,745 jobs were created in the entertainment industry, with an additional 23,221 jobs generated in 2024 through over 20,000 new startups.
The total number of jobs created rose from 300,000 to 577,754 in 2024, reflecting substantial growth across the creative, cultural, and tourism sectors.
'Now, you must understand that when we talk about job creation, it is really across the full planning chain' she added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
Nigeria loses $4m in World Bank funding over audit failures at key agencies
Nigeria is set to lose $4 million in financial support from the World Bank after failing to meet international auditing standards tied to a key fiscal reform program. Nigeria will lose $4 million in World Bank support for failing international auditing standards. The loss is connected to incomplete revenue assurance audits for fiscal years 2018-2021. Despite challenges, reforms improved fiscal transparency through initiatives such as an Electronic Register of Beneficial Owners. The loss comes amid inadequacies in the revenue assurance audit reports submitted by two major government agencies, which include the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service, covering financial years 2018 to 2021. This penalty is part of the broader $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the World Bank 's International Development Association (IDA). The program was designed to improve transparency, accountability, and efficiency in Nigeria's public sector, with specific reforms tied to performance-based disbursements. Among them was a target to conduct revenue assurance audits of FIRS and Customs in compliance with international best practices. However, a restructuring paper released by the World Bank in June 2025 revealed that this milestone was 'not achieved.' According to the report, the audit submissions did not meet the required international auditing standards, thereby disqualifying Nigeria from accessing the $4 million linked to that particular result. Progress recorded amid audit lapses The failure is a blow to the federal government's broader economic reform agenda, especially at a time when Nigeria is grappling with revenue shortfalls, high debt service costs, and an urgent need to improve fiscal governance. Nigeria's failure to meet key auditing standards has also hindered its economic reform agenda, particularly amid revenue shortfalls and high debt obligations. However, the report noted that progress has been made in non-oil revenue, exceeding targets with a 153% outturn in 2024, up from 64.9% in 2018. The Nigerian government also published 10 validated economic data sets, surpassing expectations. Despite challenges in capital expenditure and project monitoring, reforms have enhanced transparency, including the launch of an Electronic Register of Beneficial Owners and a National Asset Registry.
Yahoo
6 hours ago
- Yahoo
22 Of The Funniest Tweets From Couples This Week (June 3-9)
Relationships are full of highs, lows and a whole bunch of ordinary moments in between. Somehow couples on X, Bluesky and Threads continue to find humor in the minutiae of being in love. Every week, we round up the funniest posts from couples on those platforms. Scroll down to read the latest batch: My husband is using ChatGPT to plan our next vacation, and it was nice knowing y'all. — krista pacion (@kristabellerina) June 9, 2025 My husband is using ChatGPT to plan our next vacation, and it was nice knowing y'all. you should be allowed to leave work early if you miss your wife enough — Chris (@citehchris) June 5, 2025 you should be allowed to leave work early if you miss your wife enough Got dinner with my boyfriend and the waitress asked if we were twins — WholesomeTweets4KindFolks (@TennesseeTwunk) June 3, 2025 Got dinner with my boyfriend and the waitress asked if we were twins @ @dadnamedmatt/Threads When my wife asks me to go on a walk, what she really means is she needs someone to carry our dog's poop. — Daddy Go Fish (@daddygofish) June 4, 2025 When my wife asks me to go on a walk, what she really means is she needs someone to carry our dog's poop. My wife's birthday is on Father's Day this year so we are killing two birds with one stone by having a cake made out of beef jerky. — Rodney Lacroix (@RodLacroix) June 10, 2025 My wife's birthday is on Father's Day this year so we are killing two birds with one stone by having a cake made out of beef jerky. @ @ my boyfriend is allowed to watch the game but only on mute so i can play Joni Mitchell's Blue (1971) — Grace (@gracecamille_) June 6, 2025 my boyfriend is allowed to watch the game but only on mute so i can play Joni Mitchell's Blue (1971) 'Nigerian men are romantic' this is the good morning text mind you — K ʚїɞ (@callmekutie) June 6, 2025 'Nigerian men are romantic' this is the good morning text mind you My boyfriend just encountered a donkey in the park without me. This is worse than cheating — emilie (@cbcradio2) June 8, 2025 My boyfriend just encountered a donkey in the park without me. This is worse than cheating @ @ My husband is out of town, so dinner is either cheese or spend $92 on DoorDash — meghan (@deloisivete) June 9, 2025 My husband is out of town, so dinner is either cheese or spend $92 on DoorDash I liked the '50s, men and women slept in separate beds. — krista pacion (@kristabellerina) June 7, 2025 I liked the '50s, men and women slept in separate beds. Marriage, a short story:her: why did you buy the wrong shampoo?him: I got exactly what you wrote on the you should've known I wrote the wrong one - we never get that kind. — Daddy Go Fish (@daddygofish) June 6, 2025 Marriage, a short story:her: why did you buy the wrong shampoo?him: I got exactly what you wrote on the you should've known I wrote the wrong one - we never get that kind. She's a 10 but she sings 90s r&b songs in Chewbacca's voice — Ghostface Kryllah (@kryzazzy) June 8, 2025 She's a 10 but she sings 90s r&b songs in Chewbacca's voice @sixfootcandy/Bluesky Being married to a British person means finding things in your kitchen that are just so baffling. It's like a industrial processed food but from The Shire? — Nick Clairmont (@NickClairmont1) June 4, 2025 Being married to a British person means finding things in your kitchen that are just so baffling. It's like a industrial processed food but from The Shire? @mrs_jparker/Threads
Yahoo
16 hours ago
- Yahoo
Cannes Showcases Africa's Film Future
African cinema has arrived in Cannes determined to blaze its own trail amid signs of a slowdown in investment across the continent from the world's leading streamers. Leading the way is Akinola Davies Jr.'s drama My Father's Shadow, an Un Certain Regard contender that's being touted as the first Nigerian film ever selected for Cannes' official lineup. The continent's vast array of location options, meanwhile, is being showcased thanks to the Cameroon-set police thriller Indomptables, from French director Thomas Ngijol, part of this year's Directors' Fortnight lineup. More from The Hollywood Reporter 'The Real Housewives of London,' NBCU Reality Streamer Hayu's First Original, Unveils Cast Andrew Tate and Brother Tristan Charged With 21 U.K. Crimes, Including Rape and Human Trafficking Susie Wolff Is Putting the F(emale) in F1 The much-anticipated Nigerian historical fantasy Osamede will also have its world premiere at the festival — screening at the Marché du Film's Pavillon Afriques on May 17 — and its makers believe the message Africa collectively wants to share is that the continent remains open for business. During the pandemic-era streaming boom, when the legacy studios joined Netflix in a race to boost subscriber counts, Africa — with its young demographics and large populations — was frequently touted as a promising growth market. But in the post-pandemic reassessment of streaming, when revenue per user became Wall Street's preferred metric for assessing success in the sector (rather than sub growth at any cost), U.S. studios and platforms began speaking much less frequently about their original content ambitions in Africa. 'We've already realized that we want to tell authentic African stories and we don't want to tell them just for local audiences,' says Osamede's Nigeria-based director James Omokwe. 'So Cannes is one of the first places we want to go internationally, for people to see what we've done — to see what's coming out of Africa and to see our first moves out of, you know, the rubble [of the streaming investment slowdown].' Set against the backdrop of the 1897 British invasion of the Benin Kingdom, Osamede follows an orphaned girl who happens upon supernatural powers, with the filmmakers promising a 'genre-blending epic that mixes myth, magic and resistance.' The stage-to-screen production is being driven by executive producer Lilian Olubi's Gold Lilies Productions, and it has been picked up for domestic and regional distribution by Nile Entertainment. The move to premiere the film at Cannes is designed to showcase it on a more international stage. 'In the beginning, we were having conversations about how we'd probably take the film to streamers — simple,' says Omokwe. 'But now we've had to figure out how to do it on our own. It's now like you're reinventing the wheel, innovating new ways to distribute the film and make money because as it is, there's no standard value chain, so we're all just trying our best to see how it works.' Amazon Prime's decision last year to cease operations in Africa sent tremors across the continent's content industries. The move cut investment in original content, along with momentum in the sector for mergers and acquisitions. Multiple industry insiders tell THR — asking not to be named to protect relationships and future opportunities — that they believed Netflix was implementing a slowdown of its investments in the region, too. But the California-based streaming giant is still spending more on African content than its peers. African titles in the works from Netflix include new seasons of the popular series Kings of Jo'Burg (season three) and Fatal Seduction (season two). The company also has an ongoing partnership with the Johannesburg-based production banner Burnt Onion (Seriously Single). Back in March — on the sidelines of the Joburg Film Festival — Netflix's vp content in the Middle East and Africa, Ben Amadasun, remained bullish about the streamer's prospects in the region. 'We have seen firsthand the power and impact of African stories, not just on the continent but across the world,' Amadasun said at the event. 'The global audience is hungry for authentic, bold and fresh African narratives, and Netflix is committed to ensuring those stories reach and resonate with millions of entertainment fans worldwide. Our approach is simple: We want to invest in the best African talent, collaborate with amazing local creators, and continue expanding the frontiers of what's possible in African storytelling.' On paper at least, prospects for the region appear full of promise. Some big names have rallied to the cause, with London-born The Wire and Luther star Idris Elba last year announcing plans to set up studios across the region, starting in Tanzania and on the semi-autonomous island of Zanzibar. The actor — who was born to a Sierra Leonean father and a Ghanaian mother — cited the K-wave content boom from South Korea as an example of what Africa could achieve, lamenting to CNN on the sidelines of the Stellar Development Foundation's Meridian conference in London that the majority of Africa-set content 'isn't even generated from Africa.' 'The median age in Africa is 19; these young people are optimistic and deserve the chance to tell their own stories,' Elba said. UNESCO has projected that Africa's film and audiovisual industry could 'create 20 million jobs and add $20 billion to the continent's GDP by 2030.' Lagos-based media mogul Mo Abudu, founder and CEO of the EbonyLife Group, is well aware of those prospects — and of the potential for African content and talent to expand its global reach. 'I'm very excited about the fact that we need to create our own distribution channels, our own distribution networks,' she says. 'We need to find ways to fund our own productions. I am excited about building that ecosystem around funding, distribution and production. 'We're working on a $50 million film fund that African filmmakers can draw from by the end of the year. We're looking at budgets from between $2 million to $8 million. I'm excited about the fact that we're talking to a big global distributor right now as our distribution partner — because at the end of the day, you can't make a film and not have it distributed globally, and we don't have global distribution outlets here at the moment.' In addition to investing in an emerging generation of talent through her company's EbonyLife Creative Academy, and expanding EbonyLife TV, Abudu has previously worked with Netflix on the acclaimed series Blood Sisters. She's also close to opening a 180-seat EbonyLife Place London entertainment center on the British capital's Wandsworth Road to showcase African film, theater, music, food, art and fashion. 'We are also in the process of launching our own OTT platform [EbonyLife ON],' says Abudu. 'We will start small. We will build. But I do believe that it's important to take these baby steps and to get out there and to start creating some momentum. We can't keep waiting on anyone else to do this for us.' Co-productions continue to be one of the African industry's main drivers of investment and growth. My Father's Shadow — which stars Sope Dìrísù and centers on a family reunion around the time of the 1993 Nigerian presidential election — was produced by the U.K.-Ireland operation Element Pictures in partnership with Nigeria's Fatherland Productions. Support has also come via BBC Film and the BFI, while international sales are being handled by Germany's The Match Factory. Sarika Hemi Lakhani spent 18 years working across Africa with the Kenya-based One Fine Day Films (Nairobi Half-Life) before moving to Berlin last year to join Tom Tykwer's X Filme Creative Pool. The hope ahead, she says, is for co-production treaties that balance creative control between those holding the purse strings from outside Africa and the talent the region is providing. 'There are so many untapped stories on the African continent,' she says. 'And that means there are also so many untapped opportunities.' Best of The Hollywood Reporter 13 of Tom Cruise's Most Jaw-Dropping Stunts Hollywood Stars Who Are One Award Away From an EGOT 'The Goonies' Cast, Then and Now
