UK and Lagos Launch N1.5bn Fund to Boost Creative Entrepreneurs in Nigeria
A major financial breakthrough is on the horizon for Nigeria’s creative sector as the United Kingdom and the Lagos State Government throw their support behind a newly launched ₦1.5 billion fund. The initiative aims to provide structured financing to entrepreneurs working across film, fashion, music, and digital content.
The fund is spearheaded by Woodhall Capital in partnership with Polaris Bank and was unveiled during the launch of the Creative Currency Podcast—a new platform designed to connect creatives, investors, and policymakers for sustainable industry growth.
Speaking at the launch event hosted at the residence of the British Deputy High Commissioner in Ikoyi, Abimbola Ozomah, Executive Director at Polaris Bank, said the initiative seeks to correct the historical neglect of the creative industry by traditional financial institutions. “This fund represents more than capital; it reflects our belief in Nigerian creativity as a global force,” she said.
Woodhall Capital CEO, Mojisola Hunponu-Wusu, echoed this sentiment, adding that the fund would offer not only financial products but also tailored advisory services and investor-matching support for small and medium creative businesses.
Jonny Baxter, UK Deputy High Commissioner to Nigeria, reaffirmed the UK’s commitment to the country’s creative industries. He referenced the UK-Nigeria Creative Industries Partnership 2024 as a key agreement that aims to expand trade and investment between both nations. Baxter called the new fund and the accompanying podcast a model for global creative cooperation.
Representing Governor Babajide Sanwo-Olu, Lagos Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, emphasized the state’s strong push to become Africa’s creative hub. She noted ongoing initiatives, including zero-interest loans of up to ₦10 million through the Lagos Creative Fund, as well as policy and infrastructure support to drive industry growth.
What is the purpose of this fund?
The ₦1.5bn fund aims to bridge the financing gap in Nigeria’s creative sector, offering structured support for MSMEs and helping transform local talent into globally competitive businesses.
The new ₦1.5bn creative fund signals a strong commitment by both local and international partners to support Nigeria’s booming creative industry. With backing from the UK and Lagos State, along with strategic partners like Polaris Bank and Woodhall Capital, Nigerian creatives now have a stronger platform to scale their ideas and build global influence.
