Nigeria's Creative Economy

Woodhall Capital, Lagos State Govt, Polaris Bank, UK Govt To Give Creative Industry Facelift 

In a bid to reposition the Nigerian creative industry in line with global best standards leading global financial services firm Woodhall Capital in Partnership with Polaris Bank the United Kingdom and Lagos State Governments have launched a ₦1.5 Billion fund to scale Nigeria’s Creative Economy.

The fund aimed at expanding access to structured financing for creative entrepreneurs is expected to scale their output across fashion, film, music, and digital content creation. 

The funding was unveiled during the launch of the Creative Currency Podcast; an initiative designed to foster collaboration between creatives, financiers, policymakers and the global stakeholders. 

The platform would serve as both a podcast and policy engagement forum aimed at addressing long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement and the absence of scalable business infrastructure within the creative ecosystem.

Recall in May 2022 Polaris Bank partnered the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.

The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year while ultimately fostering wealth creation and economic inclusion across the state.

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing

ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast held recently in Lagos.

At the unveiling event held recently at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director Abimbola Ozomah during a panel discussion emphasised that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems.

Ozomah described the initiative as a deliberate attempt to recognise creative endeavours intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.

The Founder and CEO Woodhall Capital Mojisola Hunponu-Wusu emphasised the urgent need to redefine how the financial system engages the creative sector. 

Hunponu-Wusu said Woodhall Capital is committed to providing bespoke financial products, advisory services and investor-matching support tailored specifically for the needs of creative MSMEs.

On the part of the UK Government through the British Deputy High Commissioner Mr. Jonny Baxter highlighted the UK's longstanding commitment to Nigeria’s creative economy.

 Baxter explained that the UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment and collaborative opportunities between both countries. 

The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.

Also the Lagos State Government a key driver of the initiative reaffirmed its ambition to solidify Lagos as Africa’s creative capital.

The state commissioner for Commerce Cooperatives Trade and Investment

Folashade Ambrose-Medebem who represented the state governor Babajide Sanwoolu highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund.

These measures by the Lagos State government are designed to empower creatives to scale operations, access markets, and formalize their business practices.

In addition Polaris Bank has continued to build a strong footprint in financing MSME by committing billions of naira in loans to support its operations in Nigeria with huge lending portfolio dedicated to empower micro, small, and medium businesses so as to grow their businesses, create jobs as well build wealth.