Tuesday, September 23, 2025
23.6 C
Lagos

QEDNG Summit: Creative Industry Needs Patient Capital, Fresh Mindset

Stakeholders have called for long-term financing of projects and a shift in the mindset of creative entrepreneurs as essential tools in enabling the creative industry to thrive.

The creative industry stakeholders reached this consensus in Lagos on Tuesday at the maiden edition of QEDNG Creative Powerhouse Summit organised by Mighty Media Plus Network Limited.

Themed “Financing as Catalyst for a Thriving Creative Economy,” the summit brought together filmmakers, musicians, fashion designers, journalists, business and thought leaders, bankers and government officials, among others, to brainstorm on how to make creatives in Nigeria thrive and not just survive.

In his welcome address, Founder and Chief Executive Officer of Mighty Media, Olumide Iyanda, called for “honest conversations,” noting that it is time for 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.

According to him, talents and ideas abound, but the real challenge is turning them into “something people can see, hear, touch and actually pay for.”

“We need honest conversations. We need new partnerships. We need to think big and act smart,” Mr Iyanda, who doubles as Publisher of QEDNG and Convener of the QEDNG Creative Powerhouse Summit, added.

Group Managing Director of SO&U, Udeme Ufot, in his capacity as chairman of the summit, hailed QEDNG as a platform which has “steadily grown into a reputable voice in Nigeria’s media and digital journalism space through its commitment to telling authentic stories, amplifying emerging voices, and shaping conversations that reflect our evolving national identity. Its journey mirrors the core theme of this summit: unlocking potential through vision and purpose.”

He agreed that capital is required to unlock the potential of Nigeria’s creative economy and that capital must be sustainable and accessible.

“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!” he 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,” Mr Ufot noted.

The advertising expert urged Nigerian creative entrepreneurs to demonstrate sound financial management and assure investors that funds entrusted to them will be used responsibly.

Founder of The Africa Soft Power Group, Dr. Nkiru Balonwu, kicked off discussions with her engaging keynote speech.

“The challenge, I think, is not the absence of capital but the lack of scalable, structured investment frameworks that the industry needs to thrive,” she said.

Balonwu referenced the recent announcement of Afreximbank’s billion-dollar Africa film fund under its Mechanics Programme as a welcome step forward but cautioned that its impact depends on effective implementation and alignment with industry needs.

She noted that at the national level, capital exists in theory, but the real gaps lie in design, accessibility and alignment with the practical needs of entrepreneurs.

According to her, these funds serve large-scale projects while most creatives in Nigeria are operating at the micro or early growth level.

“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.

Balonwu, former chief executive of Spinlet, the first music streaming and digital distribution platform in Sub-Saharan Africa, called for long-term financing solutions that support not just content production but also the often-overlooked infrastructure critical for a thriving creative economy, including intellectual property banks, data centres, legal support, domestic distribution networks, rights management platforms, efficient payment systems and affordable production facilities.

“This requires a mindset shift. Creatives must see themselves not just as artists but as businesspeople, institution builders and financially literate architects of enterprise. Financing must be smart, responsive, and tailored to the entire creative process, not just consumption,” she said.

Balonwu also noted the impact of Artificial Intelligence (AI) in the industry, urging creatives to see it as an enabler, not as a threat.

President Bola Tinubu’s Senior Special Assistant on Media and Publicity, Temitope Ajayi, in his goodwill message, assured that the government would continue to support the creative sector.

“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.

Ajayi added that creators must grow beyond “subsistence thinking” for the industry to thrive.

On the panel to dissect the keynote speech were filmmaker and Founder of KAP Group, Kunle Afolayan; President and Founder of All-Africa Music Awards (AFRIMA), Mike Dada; Founder of Africa Film Finance Forum (AFFF), Mary Ephraim-Egbas, and Founder of Duke of Shomolu Productions, Joseph Edgar.

The panellists, during the session moderated by broadcaster, Anike-Ade Funke Treasure, agreed that funding is key to unlocking the industry’s potential but cited difficulties in accessing these funds both from banks, investors and the government.

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.

While Husseini restated the Nigerian government’s provision of funds for the creative industry, the bankers assured of an open mind to understand the complexities of the industry, which would translate into funding.

Plaques were presented on behalf of QEDNG to some of the notable participants by the Publisher of Realnews Magazine and President of the Guild of Corporate Online Publishers (GOCOP), Maureen Chigbo; Editor of Vanguard Newspaper and President of the Nigerian Guild of Editors (NGE), Eze Anaba, and veteran actress and film director, Joke Silva.

Among the participants at the summit were the Special Adviser to Lagos State Governor on Media and Publicity, Gboyega Akosile; Group Head, Brand Management and Corporate Communication of Polaris Bank, Rasheed Bolarinwa, and former Osun State Commissioner for Information and Orientation, Funke Egbemode.

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

African Economies Drive Growth via IT Adoption

Emerging African economies are increasingly embracing Information Technology (IT)...

STACO Insurance CEO, Wale Banmore, Charges Staff to Drive Corporate Growth in 2024

Dr. Wale Banmore, the Managing Director/CEO of STACO Insurance...

The Promise of Digitalisation and Insurance Penetration in Africa

One of the major challenges of insurance business in...

International Women’s Day 2023: ‘STI Believes in a World of Equality’

  As the world gets set to celebrate the International...

Global ICT Capacity Building Symposium for Human Dev

Local and international journalists are invited to submit their...

Ringier Africa, Asia Pacific Form New Structure/Leadership

Ringier is restructuring its international market set-up for the...

Vodacom Nigeria Scoops 3 Accolades at Beacon of ICT Awards

L-R; Solomon Ogufere, Commercial Director, Vodacom Business Nigeria; Ernest...

Tope Smart, 47th AIO President, Unveils 5-Point Agenda

 L-R: Wife of the new President of African Insurance...
spot_img

Related Articles

Popular Categories

spot_imgspot_img