Nigeria: UK, Lagos Back New N1.5bn Fund for Creative Entrepreneurs

16 July 2025
Daily Trust (Abuja)
By Adebayo Gbenga

A new N1.5 billion fund has been launched to provide creative entrepreneurs in Nigeria with structured financing support, in a move backed by the United Kingdom and Lagos State government.

The initiative, led by Woodhall Capital in partnership with Polaris Bank, aims to scale up businesses operating across film, fashion, music, and digital content.

The fund was officially announced during the launch of the Creative Currency Podcast, a new platform designed to drive collaboration between creatives, investors, and policymakers.

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Speaking at the event held at the residence of the British Deputy High Commissioner in Ikoyi, Polaris Bank's Executive Director, Abimbola Ozomah, said the fund represents a significant step toward correcting 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 said, adding, "We're not just exporting talent. We're exporting ownership, structure, and long-term value."

Woodhall Capital CEO, Mojisola Hunponu-Wusu, also stressed the need for the financial sector to rethink its engagement with the creative economy. She pledged to deliver tailored financial products, advisory services, and investor-matching support specifically for creative MSMEs.

The UK's Deputy High Commissioner to Nigeria, Jonny Baxter, 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. He also described the new fund and podcast platform as a potential global blueprint for creative cooperation.

Representing Lagos State Governor Babajide Sanwo-Olu at the launch, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said Lagos is committed to becoming Africa's creative capital. She highlighted existing state efforts including zero-interest loans of up to ₦10 million under the Lagos Creative Fund, and ongoing policy and infrastructure support for the sector.

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