Lukmon Akintola,
Lagos
Premier West African financial institution and financial inclusion service provider, FirstBank, has brought a renewed hope into the nation’s creative industry with an announcement that it is ready to play a more strategic role in financing the sector.
Nigeria’s creative industry continues to grow into one of the country’s most dynamic contributors to economic development and global visibility. Still deprived of adequate funding, this bold statement of intent is a breath of fresh air for creatives.
Speaking at the recently concluded QED NG Creative Powerhouse Summit, Dr. Abiodun Famuyiwa, Head of SME Banking at FirstBank, noted that the event provided an important avenue for dialogue, learning, and charting a sustainable path for stronger partnerships between financial institutions and creatives, assuring that the financial institution is ready to provide funding for their projects.
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Dr. Famuyiwa, who spoke during the panel session at the summit, acknowledged that while the creatives in the creative industry have often enjoyed sponsorships and promotional partnerships from banks, the time has come for financial institutions to view the sector as a serious business frontier capable of driving growth, employment, and global recognition for Nigeria.
“The creative industry needs more than sponsorship for creatives. I will look into it. There is so much that we need to do—a strategic partnership, understand the structure, and we will begin to do business,” he said.
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Dr. Famuyiwa, who disagreed with the National Bureau of Statistics (NBS) position that the creative industry only generated one percent of Nigeria’s Gross Domestic Product (GDP) in 2024, was candid about the challenges banks face in engaging with creatives. He noted that financial institutions have not always understood the nuances and business models of the sector, which makes structuring loans and partnerships more difficult.
“The banks don’t understand the working of the industry,” he admitted. “I recently ventured into sports and realized that it’s a whole different ball game than people know.”
His acknowledgment of these gaps highlighted FirstBank’s willingness to learn directly from industry players to tailor solutions that genuinely meet their needs.
“I came here to learn. We are willing to work and lend to this industry. We are ready, are you ready?” Dr. Famuyiwa challenged the audience.
FirstBank is not entirely new to the creative ecosystem. Over the years, the bank has invested significantly in projects that spotlight Nigerian talent, giving hope to both budding and established talents. One of its most notable contributions has been through its DecemberisaVybe campaign launched in 2018. Since its inception, the campaign has featured some of the country’s biggest stars, including Kizz Daniel, Davido, Burna Boy, Asake, and Tiwa Savage.
Other events put together or in partnership with the bank have also featured other top music acts, including Adekunle Gold, while a 2023 specially curated event to celebrate top female singers in the country, such as Tiwa Savage, Teni, Simi, Waje, Niniola, and Yemi Alade, won the hearts of many.
Dr. Abiodun Famuyiwa receiving an award from the organisers of the summit
These concerts not only entertained audiences but also served as a platform to celebrate Nigerian culture and artistry, reinforcing the bank’s long-standing support for the creative community.
Over the years, the creative industry has been described as one of Nigeria’s most influential exports. Nollywood films dominate screens across Africa and the diaspora, Afrobeats music has become a global phenomenon, and Nigerian fashion continues to command international attention.
According to PwC’s Entertainment and Media Outlook report, the industry is projected to grow to billions of dollars in value, creating thousands of jobs and positioning Nigeria as a creative hub for Africa. Yet, behind the glitz lies an ecosystem plagued by limited access to structured capital.
Although there is no denying that the Federal government has attempted to mitigate the funding drought bedeviling the industry through several initiatives, such as the Creative Industry Financing Initiative (CIFI) by the Central Bank of Nigeria (CBN), access has been slow due to bureaucratic hurdles, hence
No doubt, FirstBank’s new position of a greater participation via its statement of commitment provides a more flexible and practical financing option for creatives and other industry players.
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