UNGA: Musawa Secures $200m Funding, Launches Investment Drive With ‘Destination 2030’
Hannatu Musawa, Nigeria’s Minister of Arts, Culture & Creative Economy, has secured a $200 million financing facility for the country’s creative industry from the African Export-Import Bank (Afreximbank) during the United Nations General Assembly (UNGA) in New York, United States.
Professor Benedict Oramah, President and Chairman of Afreximbank, announced the facility during an event tagged ‘Destination 2030: Nigeria Everywhere’, organised by the Ministry of Arts, Culture & Creative Economy on the sidelines of the UN General Assembly.
Oramah, according to a statement by the media unit of the Ministry of Arts, Culture & Creative Economy, highlighted Afreximbank’s commitment to Nigeria’s creative industry, noting that the $200 million financing facility will support new initiatives of the Ministry of Arts, Culture & Creative Economy.
“Investing in the creative industries is about building a foundation for sustainable economic growth and positioning Africa as a global cultural leader,” he said.
The partnership with the Afreximbank is a crucial component of the Destination 2030 initiative, which is geared towards establishing Nigeria as a global ‘soft power’ leader by 2030.
The ‘Destination 2030: Nigeria Everywhere’ event, organized by the Ministry in a bid to attract foreign investment in the creative sector, celebrated Nigeria’s vibrant artistic heritage, culinary excellence and increasing influence in the global creative economy.
It further marked a significant milestone in Nigeria’s soft power strategy, part of the broader vision set by the government to expand the economy and elevate the nation’s global presence through its cultural assets.
Under the banner of ‘Destination 2030’, Nigeria aims to assert its cultural influence and strengthen its position as a leading creative hub, while significantly contributing to global cultural diplomacy and spurring economic growth.
The Destination 2030 event, described as a vibrant celebration of Nigeria’s rich cultural tapestry, included a captivating art exhibition that paid homage to Nigeria’s legacy of artistic innovation, Chef Tolu “Eros” Erogbogbo delighted guests with a culinary experience that spotlighted Nigeria’s diverse and flavorful cuisine, and two dynamic panel discussions explored Nigeria’s rising influence in the global music and film industries.
The event also featured performances by Dami Oniru and Afrobeats star, D’banj, cementing Nigeria’s reputation as a musical powerhouse.
In her address at the event, Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa outlined Nigeria’s ambitious goals for its creative economy.
Emphasising the critical role of global partnerships in driving the country’s vision forward, Musawa said, “Destination 2030: Nigeria Everywhere is our roadmap to transforming Nigeria into a global cultural powerhouse.
“To fully realize this vision, I urge investors, development partners, and global collaborators to join us in creating two million jobs and contributing $100 billion to the national GDP.”
Central to the Destination 2030 initiative is Nigeria’s goal to establish itself as a global soft power leader by 2030.
President Bola Tinubu had set Key Performance Indicators (KPIs) and deliverables for this vision, which include positioning Nigeria as a top cultural influencer and improving the country’s global brand perception.
As of 2024, the Ministry reported a 36 percent increase in Nigeria’s Cultural Influence alongside an 18 percent increase in the Brand Perception Index, reflecting the positive reception of Nigeria’s cultural diplomacy efforts on the global stage.
Global soft power has become an essential component of modern diplomacy, with countries like South Korea and Japan leveraging their cultural assets to build influence and shape perceptions worldwide. South Korea’s K-pop and Japanese anime are prime examples of how cultural products can drive a country’s global influence, generating economic value and improving diplomatic relations.
Nigeria’s Destination 2030 initiative is modeled on such successes, aiming to harness the country’s cultural resources to create a powerful narrative that resonates internationally.
By positioning itself as a leader in arts and culture, Nigeria is not only promoting its creative economy but also enhancing its political and diplomatic leverage.
In addition to the Destination 2030 event, Musawa engaged in several high-level meetings on the sidelines of UNGA to bolster Nigeria’s cultural and creative ambitions. In discussions with UN Deputy Secretary General Amina Mohammed and the Executive Director of the UN Office for Partnerships (UNOP), the minister explored aligning Nigeria’s cultural initiatives with the UN’s Sustainable Development Goals (SDGs).
Also, a meeting with United States State Department Under Secretary for Public Diplomacy, Lee Satterfield addressed the the minister’s 8-point plan and potential US support for Nigeria’s creative industries.
In the same vein, bilateral talks with Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, led to an agreement to foster collaboration in the creative sectors of both nations.
Commenting on the investment strides, Oramah said, “As a proud Nigerian and African, I observe with admiration the phenomenon of ‘Nigeria Everywhere’. From New York to Hong Kong, Copenhagen to Cape Town and Lisbon to Lima.”
The future of Nigeria’s soft power strategy hinges on intentionally leveraging this growing global acceptance of Nigeria’s cultural product through robust initiatives such as Destination 2030 and the
strategic partnerships cultivated during global gatherings like UNGA.
By investing in its cultural assets—whether through the revitalization of the National Theatre or initiatives such as CLAP which seeks to nurture young talent — Nigeria is establishing itself as a creative powerhouse poised to drive economic growth and shape global narratives.
