IFC, Terra Kulture seal deal to grow Nigeria’s creative industry
The International Finance Corporation (IFC), a member of the World Bank Group, has entered into a mandate partnership with Terra Kulture Arts and Studios Limited to expand Nigeria’s creative economy through improved infrastructure and skills development.
The agreement, signed in Lagos on Friday, January 30, establishes a framework for collaboration aimed at strengthening the country’s creative ecosystem by increasing access to professional creative spaces and training opportunities. The initiative is designed to support the development, production and global distribution of Nigerian stories from an African perspective.
Under the partnership, IFC will support the refurbishment of Terra Kulture’s creative and training facilities in Lagos, reinforcing its position as a hub for talent development in theatre, film, visual arts and cultural production.
Speaking on the collaboration, IFC Vice-President for Africa, Ethiopis Tafara, said creative industries are a significant source of employment, particularly for young people and women. He noted that the partnership reflects IFC’s confidence in locally grounded creative institutions to drive inclusive growth and contribute to Nigeria’s long-term economic transformation.
The IFC explained that the mandate aligns with its broader strategy to formalise, finance and scale creative enterprises across emerging markets, recognising the sector’s strong links to tourism, technology and services, as well as its role in preserving cultural identity.
Founder of Terra Kulture, Bolanle Austen-Peters, welcomed the partnership, describing it as a boost for efforts to nurture talent and build a globally competitive creative sector. She said strategic collaborations were essential to transforming Nigeria’s cultural space from a passion-driven endeavour into a sustainable industry.
For more than two decades, Terra Kulture has been involved in preserving Nigerian languages, storytelling and artistic expression, while providing pathways for actors, writers, technicians and creative entrepreneurs. The organisation has hosted and collaborated with renowned artistes and staged acclaimed theatre productions that have drawn wide audiences and raised standards in stage production.
The IFC currently has a portfolio of about $1.3bn in Nigeria and, in the past year, committed $71.7bn globally to private companies and financial institutions in developing countries, focusing on private sector-led solutions to economic growth.
