Segun Atanda/
Industry leaders, financiers, and policy influencers have urged Nigerian creatives to embrace long-term financing models and adopt a business-oriented mindset as key drivers for unlocking the sector’s full potential.
Speaking at the maiden QEDNG Creative Powerhouse Summit in Lagos on Tuesday, participants agreed that sustainable funding and strategic partnerships are essential for transforming Nigeria’s creative economy from a survivalist space into a global powerhouse.
The summit, themed “Financing as Catalyst for a Thriving Creative Economy,” brought together filmmakers, musicians, fashion designers, journalists, bankers, government officials, and business leaders to chart a growth path for the $5.6 billion sector, which the Federal Government aims to grow to $100 billion by 2030.
In his welcome address, Olumide Iyanda, Founder/CEO of Mighty Media Plus Network Limited and convener of the summit, called for “honest conversations” on bridging the gap between talent and marketable products.
“Talents and ideas abound, but the real challenge is turning them into something people can see, hear, touch and actually pay for,” Iyanda said. “We need new partnerships. We need to think big and act smart.”
Chairman of the summit, Udeme Ufot, Group Managing Director of SO&U, stressed that without strategic funding, “ideas remain trapped in notebooks” and creative ventures struggle to scale. He called for investor confidence, bank products tailored for creatives, and policy frameworks that reward innovation and risk-taking.
Delivering the keynote address, Dr. Nkiru Balonwu, Founder of The Africa Soft Power Group, highlighted the need for tier-targeted financing — from early-stage grants to patient equity — designed to meet the needs of creatives at various stages, including those in the “messy middle.” She also called for investment in critical infrastructure such as IP banks, data centres, rights management platforms, and affordable production facilities.
“This requires a mindset shift. Creatives must see themselves not just as artists but as businesspeople and institution builders,” Balonwu said, urging the industry to embrace Artificial Intelligence as an enabler.
Government support was reaffirmed by Temitope Ajayi, Senior Special Assistant on Media and Publicity to President Bola Tinubu, who commended the sector’s cultural export achievements and encouraged creatives to move beyond “subsistence thinking.”
Two panel sessions, featuring industry heavyweights including Kunle Afolayan, Mike Dada, and banking executives, dissected the challenges of fund accessibility and the need for deeper understanding of the industry’s complexities by financiers.
The summit also honoured notable participants with plaques presented by Maureen Chigbo of Realnews, Eze Anaba of Vanguard, and veteran actress Joke Silva.
Among attendees were Gboyega Akosile, Special Adviser to the Lagos State Governor on Media, and Rasheed Bolarinwa of Polaris Bank.
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