UK and Lagos Launch N1.5bn Fund for Creative Entrepreneurs

A New Era for Creative Entrepreneurs in Nigeria

A groundbreaking initiative has emerged in Nigeria, introducing a N1.5 billion fund aimed at providing structured financial support to creative entrepreneurs. This development is backed by the United Kingdom and the Lagos State government, marking a significant step forward for the country’s creative sector.

The initiative is spearheaded by Woodhall Capital in collaboration with Polaris Bank. The goal is to help businesses operating in various creative fields such as film, fashion, music, and digital content scale up their operations. This fund was officially unveiled during the launch of the Creative Currency Podcast, a new platform designed to foster collaboration among creatives, investors, and policymakers.

At the event, held at the residence of the British Deputy High Commissioner in Ikoyi, Abimbola Ozomah, Executive Director of Polaris Bank, emphasized the importance of this fund in addressing the long-standing exclusion of the creative industry from formal financial systems. “This fund represents more than capital; it reflects our belief in Nigerian creativity as a global force,” Ozomah stated. She added, “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”

Mojisola Hunponu-Wusu, CEO of Woodhall Capital, highlighted the need for the financial sector to re-evaluate its approach to the creative economy. She pledged to provide tailored financial products, advisory services, and investor-matching support specifically for creative small and medium enterprises (MSMEs). This targeted support is expected to empower these businesses and help them thrive in a competitive market.

Jonny Baxter, the UK’s Deputy High Commissioner to Nigeria, reiterated the UK government’s commitment to supporting Nigeria’s creative sector. He referenced the 2024 UK-Nigeria Creative Industries Partnership as a landmark agreement to deepen trade and investment ties between both countries. Baxter described the new fund and podcast platform as a potential global blueprint for creative cooperation, showcasing how collaborative efforts can drive innovation and growth.

Mrs. Folashade Ambrose-Medebem, representing Lagos State Governor Babajide Sanwo-Olu at the launch, expressed the state’s commitment to becoming Africa’s creative capital. She highlighted existing initiatives, including zero-interest loans of up to ₦10 million under the Lagos Creative Fund. Additionally, she mentioned ongoing policy and infrastructure support for the sector, underscoring the government’s dedication to nurturing the creative industry.

The launch of this fund and the Creative Currency Podcast signals a shift in how the creative sector is perceived and supported. It opens new avenues for collaboration, investment, and growth, positioning Nigeria as a hub for creative talent and innovation. With the backing of key stakeholders and international partners, the future of Nigeria’s creative industry looks promising.

This initiative not only provides much-needed financial support but also emphasizes the importance of creating an ecosystem that values and nurtures creativity. As the sector continues to evolve, the focus on structured financing and strategic partnerships will be crucial in ensuring sustainable growth and global recognition.