Rasheed Bolarinwa, President of the Association of Corporate and Marketing Communications Professionals in Banks in Nigeria (ACAMB) and Group Head of Brand Management and Corporate Communication at Polaris Bank, has urged the digital news platform QEDNG to establish a think tank that will help the creative industry tap into funding opportunities in the banking sector.
Mr Bolarinwa made the call on Tuesday at the inaugural QEDNG Creative Powerhouse Summit held in Lagos.
The summit, themed “Financing as a Catalyst for a Thriving Creative Economy”, brought together stakeholders from film, music, fashion, arts, and technology to explore sustainable funding models and strengthen links between investors and the creative sector.
”We have almost 37 banks in Nigeria. The current government is targeting the creative economy. I will want QED to set up a think tank. Banks are going through consolidation. By the end of quarter one, the bank should be awash with money,” he said.
Bolarinwa added that the creative has “become the darling of the entire world,” emphasising that practitioners need to let financial institutions understand what they do.
“So let the think tank form a blueprint through which they can approach the bank, so that this creative sector can take advantage of the money that is in the bank. Then everybody will be empowered,” he continued.
Speaking earlier in his welcome address, QEDNG Publisher, Olumide Iyanda, called for “honest conversations,” urging creatives to think and act smart for the industry to bloom.
”Nigeria’s creative economy contributes approximately $5.6 billion to our GDP and it is the second highest employer in the country. The federal government has set a bold goal of raising the sector’s contribution to $100 billion by 2030. The plan seeks to position Nigeria as a leading creative and entertainment hub on the global stage,” he said.
Group Managing Director of SO&U, Udeme Ufot, who chaired the summit, stressed that capital is key to unlocking the potential of Nigeria’s creative economy.
“Because without access to sustainable and strategic funding, creativity struggles to scale. Ideas remain trapped in notebooks. Studios shut down. Talent goes untrained. And potential remains just that – potential!” Ufot said.
“The issue is not just about throwing money at the industry. It is about smart financing. It is about investors who understand the long tail of content development, banks willing to develop products tailored for creative entrepreneurs, governments designing policy environments that reward innovation and risk-taking, and private sector leaders championing scalable, locally relevant business models,” he added.
Founder of The Africa Soft Power Group, Dr Nkiru Balonwu, in her keynote address, noted that the challenge is not necessarily the absence of capital but the lack of scalable, structured investment frameworks that the industry needs to thrive.
Balonwu welcomed Afreximbank’s recent billion-dollar Africa film fund under its Mechanics Programme but warned that its success depends on effective implementation and alignment with industry needs. She explained that while funds exist at the national level, the real gaps lie in design, accessibility, and alignment with entrepreneurs’ practical needs.
”Part of what we need is tier-targeted financing (early stage grants), seed capital, patient equity, all tailored to the creative life cycle. We need financing designed for the messy middle, not just the glamorous headline projects or the polished final product,” she said.
Also speaking at the occasion, Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, reaffirmed President Bola Tinubu’s commitment to strengthening Nigeria’s creative industry through sustained policy backing, increased investment, and an enabling business environment.
“In terms of promoting the cultural export of Nigeria, the creative sector in the past decade has really done well. So, we must commend the operators of this sector for the good job they are doing,” he said.
