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Makhtar Diop, the Managing Director of the International Finance Corporation (IFC), says the organization will enhance its backing for Nigeria’s creative industry, provide additional resources and investment to foster growth and development.
He announced that this increased support would entail active collaboration and consultation with key players in Nigeria’s creative industry to improve the IFC’s existing initiatives and investments in the sector across Africa.
Diop made this declaration at a recent IFC-organized event in Lagos, titled “Conversation on Investing in Nigeria’s Creative Industries,” where he addressed the gathering and outlined the IFC’s plans to boost its support for the sector.
During his visit to Nigeria, he engaged with industry stakeholders and reaffirmed his organization’s dedication to collaborating with trustworthy entrepreneurs across the creative sector’s value chain in Nigeria, fostering partnerships that drive growth and development.
He said: “We are ready to take more risks in the creative industry to boost the sector on the continent, and I totally align with creating more jobs and providing employment for youths.
“Nigeria is very locomotive, and what happens in Nigeria has a large impact on the rest of the countries on the continent.
“Today’s conversation is to show we are keen on working with the sector because I believe in the industry. I have been talking with Idris Elba to see what we can do for the continent.”
When asked by stakeholders how IFC could support the film industry, Diop replied that the organization would collaborate with industry stakeholders to identify viable and financially sustainable projects in Nigeria, indicating a commitment to supporting projects with potential for growth and success.
He said: “It is for us to understand what we can do and create more filmmakers to make more films that will be shown on Netflix.
“But something that is not highlighted enough in my view is education. I am passionate about music, but there is no significant music school in Africa, so it is necessary to develop that ecosystem.
“We are articulating the sector as a strategy, but it is a strategy that is in the making.
“So, part of the strategy is to listen to you and find out what is better to shape what we are trying to do. The sector is so complex with a high rate of failure, and that is why we are here to see how to work with you all.”
The event, which brought together key stakeholders in Nigeria’s creative industry, featured major players in the sector calling for improved access to essential resources, including raw materials, markets, financing, capacity development, favourable policies regarding equipment, and the establishment of hubs across the continent.
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