Founder of The Africa Soft Power Group, Dr Nkiru Balonwu, says when she visited California years ago, many people mistook her for actress Nkiru Silvanus.
Balonwu shared the experience while delivering the keynote address at the maiden edition of the QEDNG Creative Powerhouse Summit held on Tuesday, August 12, at the Radisson Blu Hotel, Ikeja GRA, Lagos.
“I will tell you a quick story, when I was in California, when people found my name was Nkiru, they would actually ask for my autograph because they thought that I was the Nkiru from Nollywood movies, so all the Africans will come to me saying ‘Nkiru, Nkiru, Nkiru,’ and I will say, ‘No, I’m actually just Nkiru Balonwu, I am not that Nkiru,’” she said.
The summit, organised by Mighty Media Plus Network Limited, publishers of QEDng, was themed “Financing as Catalyst for a Thriving Creative Economy.”
It brought together filmmakers, musicians, fashion designers, journalists, business leaders, bankers and government officials to discuss ways of helping Nigeria’s creatives thrive and not just survive.
Balonwu began her speech by recalling her days at Spinlet.
“Years ago, I led a company called Spinlet, the first music streaming and digital distribution platform in Sub-Saharan Africa. During my time as CEO, we achieved significant milestones, including becoming Nigeria’s first International Standard Recording Code Manager and growing to over two million users at our peak.
“We had a lot going for us: the vision, talent, and early-mover advantage. But we lacked the critical elements that transform brilliant ideas into resilient institutions: adequately structured financing and robust infrastructure,” she said.
She continued, “Now imagine if Spinlet were still here today, exporting African music and building generational IP wealth for our artists. That missed opportunity shows that talent is never the issue; what’s often missing is structured belief: policy support, patient capital, and solid technical infrastructure.
“The creative economy is both expression and enterprise. It already contributes significantly to Nigeria’s GDP and soft power, yet it lacks scalable predictable investment frameworks. Nigerian music dominates global charts, our films stream on international platforms.”
Balonwu added that despite Nigeria’s cultural dominance abroad, at home the industries are still treated as hobbies.
“There are few institutional investors in the space and the financing that does exist is fragmented: sponsorships, one-off grants, or brand-driven support.
“We celebrate global success, but we have not yet built the local systems to replicate that success at scale. When Burna or Rema sell out an iconic global venue, it is a cultural victory, a clear, unambiguous market signal, and proof of concept. It tells any smart investor that there is a high-quality product, a dedicated global audience willing to pay premium prices, and a scalable business model.”
She called for more structured financing.
“We are falling short in connecting the dots by not translating that undeniable success into a compelling investment case for Nigeria’s broader creative ecosystem. The challenge is not the absence of capital, but the lack of scalable, structured investment frameworks the industry needs to thrive.
“Afreximbank’s billion-dollar Africa Film Fund, announced in May under its CANEX program, is a significant and welcome step. But to reach its full potential, it must be matched with robust implementation and industry-wide alignment.
“At the national level, interventions like the Bank of Industry’s creative sector funds are equally important. Here too, the capital exists in theory, the real gaps lie in design, accessibility, and alignment with the practical needs of entrepreneurs.”
Balonwu noted that many Nigerian creatives operate at micro or early-growth levels and therefore require smaller-scale funding.
“But we have to be honest about the mismatch: these funds often serve large-scale projects, while most creatives in Nigeria are operating at micro or early-growth levels. How many creatives are positioned to absorb a multi-million-dollar ticket? The reality is that our ecosystem also needs accessible, smaller-scale funding that turns an idea into a viable business.
“Part of what we need is tiered, targeted financing that spans early-stage grants, seed capital, mezzanine funding, and patient equity, all tailored to the creative lifecycle.
“If we want to see scale in Nigeria, we need long-term financing, not just for content, but for the boring, unsexy infrastructure: IP banks, data centres, legal support, domestic distribution networks, rights management platforms, efficient payment systems, insurance products for creatives, affordable production facilities, and talent development pipelines.”
She concluded, “It is time for our creatives to see themselves not just as artists, but as businesspeople, as institution builders, and as financially literate architects of enterprise.”
The summit was chaired by Udeme Ufot, Group MD of SO&U, and hosted by actor and voice artiste Eyiyemi Olivia Rogbinyin.
The first panel session had filmmaker Kunle Afolayan, AFRIMA founder Mike Dada, founder of Africa Film Finance Forum (AFFF) Mary Ephraim and founder of The Duke of Shomolu productions, Joseph Edgar. The session was moderated by broadcaster Anike-Ade Funke Treasure.
Former Lagos State Commissioner for Tourism, Arts and Culture, Steve Ayorinde, moderated the second panel, which had the Executive Director of the National Film and Video Censors Board (NFVCB), Dr Shaibu Husseini; Head of SME Banking at First Bank of Nigeria, Dr Abiodun Famuyiwa; Head of Legal and Business Development at The Temple Company, Yemisi Falaye and Group Head of Large Corporates and Structured Finance at Providus Bank, Dr Biodun Ariyo.
Sponsors included FirstBank, NLNG and Shell.
