Experts have called for a fundamental shift in how Nigeria’s creative industry is funded and perceived at the maiden QEDNG Creative Powerhouse Summit.
Held in Lagos on Tuesday, the summit, themed “Financing as Catalyst for a Thriving Creative Economy,” convened a diverse assembly of stakeholders who collectively advocated for patient, long-term financing and a more business-oriented mindset among creative entrepreneurs.
The consensus was clear: for Nigeria’s creative sector to transition from merely surviving to truly thriving, a new paradigm is essential. This sentiment was eloquently captured by Olumide Iyanda, Founder and CEO of Mighty Media Plus Network Limited, the organisers of the summit.
In his welcome address, Iyanda emphasised the need for “honest conversations” and a strategic shift in thinking. “Nigeria’s creative economy contributes approximately $5.6 billion to our GDP and it is the second highest employer in the country,” he stated, highlighting the federal government’s ambitious goal of elevating this contribution to $100 billion by 2030. The challenge, he noted, lies in transforming abundant talent and ideas into tangible, marketable products.
Udeme Ufot, Group Managing Director of SO&U and chairman of the summit, reinforced this perspective, asserting that while capital is crucial, it must be “sustainable and accessible.” He cautioned against simply “throwing money at the industry,” advocating instead for “smart financing” from investors who understand the nuances of content development. Ufot also placed a significant responsibility on creative entrepreneurs, urging them to demonstrate sound financial management to build investor confidence.
The keynote address by Dr. Nkiru Balonwu, Founder of The Africa Soft Power Group, provided a deep dive into the complexities of financing the creative sector. Drawing from her extensive experience, including her time as CEO of Spinlet, she argued that the primary challenge is not the absence of capital, but the “lack of scalable, structured investment frameworks.”
While acknowledging initiatives like Afreximbank’s billion-dollar Africa film fund, she pointed out that such large-scale funds often overlook the micro and early-growth-level creatives who form the backbone of the industry.
Dr. Balonwu called for “tier-targeted financing,” including early-stage grants, seed capital, and patient equity, all tailored to the creative lifecycle. She also stressed the need for investment in critical infrastructure, such as intellectual property banks, data centres, and efficient payment systems. A crucial part of her message was a call for a “mindset shift” among creatives, urging them to embrace financial literacy and see themselves as “businesspeople and institution builders.”
The summit also featured two high-powered panel discussions. The first, moderated by broadcaster Anike-Ade Funke Treasure, included filmmaker Kunle Afolayan, AFRIMA President Mike Dada, Mary Ephraim-Egbas of the Africa Film Finance Forum, and Joseph Edgar of Duke of Shomolu Productions. The panellists unanimously agreed on the centrality of funding but lamented the persistent difficulties in accessing it from banks, investors, and government agencies.
The second panel, moderated by former Lagos State Commissioner Steve Ayorinde, brought together regulators and financiers, including Dr. Shaibu Husseini of the NFVCB, Dr. Abiodun Famuyiwa of First Bank, Yemisi Falaye of The Temple Company, and Dr. Biodun Ariyo of Providus Bank. While government representatives reiterated the availability of funds, the bankers expressed a willingness to better understand the industry’s complexities to facilitate funding.
The event, which was anchored by actress EyiyemiOlivia Rogbinyin, also saw the presentation of plaques to notable participants by distinguished media personalities like Maureen Chigbo, Eze Anaba, and veteran actress Joke Silva.
The presence of high-profile guests, including presidential aide Temitope Ajayi, Lagos State government representative Gboyega Akosile, and banking executive Rasheed Bolarinwa, highlighted the growing importance of the creative sector in Nigeria’s economic landscape.
