Creative industry potent vehicle to boost African economy –Oramah

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Afreximbank President, Prof. Benedict Oramah, has opined that the creative industry has the potential to boost African economy beyond imagination.

He made this known recently in Kigali, capital of Rwanda, while speaking at the Creative Africa Exchange Weekend (CAX WKND), Africa’s first continental event dedicated to promoting exchange within the creative and cultural industry recently.

Newsletter from Nigerian Investment Promotion commission (NIPC) quoting Chamber Telegraph revealed that this was in respect to the example of the Nigerian Bankers Committee N200 billion creative industry initiative, the African Export-Import Bank (Afreximbank) to raise a $500 million credit facility to support the production and trade of African cultural and creative products over the next two years.

Speaking at the event, Oramah explained that the funds, which would build on what the bank was already doing, would be accessible as lines of credit to banks, direct financing to operators and as guarantees, noting that the creative economy remains significant contributor to Africa’s gross domestic product (GDP) and that the cultural and creative industries catalysed economic growth by fostering more inclusive, connected and collaborative societies.

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