The IFC Terra Kulture partnership aims to expand creative infrastructure, skills development and jobs in Nigeria’s growing creative economy
The International Finance Corporation, a member of the World Bank Group, on Friday formally marked a mandate partnership with Terra Kulture Arts and Studios Limited in Lagos to support the expansion of creative infrastructure and skills development within Nigeria’s creative economy.
Also read: World Bank IFC securitisation deal raises $510m
The partnership, announced in Lagos, signals a strategic commitment by the IFC to inclusive growth, job creation and economic diversification, recognising the creative sector as a powerful driver of employment, entrepreneurship and opportunity, particularly for young people and women.
Under the mandate, the IFC will support the refurbishment and expansion of Terra Kulture’s creative and training facilities in Lagos, strengthening its role as a flagship platform for professional development across theatre, film, visual arts and cultural production.
The collaboration is designed to widen access to professional creative spaces and structured training, enabling Nigerian creatives to develop, produce and share locally rooted stories that can compete on the global stage while reflecting African perspectives.
Terra Kulture, founded in 2003 by cultural advocate and producer Bolanle Austen Peters, has for more than two decades played a central role in preserving Nigerian languages, storytelling traditions and artistic expression, while also serving as an incubator for actors, writers, technicians and creative entrepreneurs.
Speaking on the partnership, the IFC Vice President for Africa, Ethiopis Tafara, said creative industries represent a potent source of jobs and economic opportunity, with strong multiplier effects across tourism, technology and services.
Tafara said the IFC Terra Kulture partnership reflects confidence in locally rooted institutions that combine cultural preservation with enterprise development, adding that strengthening such platforms supports Nigeria’s long term economic transformation.
Founder of Terra Kulture, Bolanle Austen Peters, said the partnership would help scale platforms that nurture talent, professionalise creative practice and build a globally competitive creative sector.
Austen Peters noted that strategic partnerships of this nature are essential to shifting Nigeria’s cultural ecosystem from passion driven activity to a sustainable, industry driven model capable of delivering jobs and livelihoods.
The partnership aligns with the IFC’s broader strategy to formalise, finance and scale creative enterprises across emerging markets, while reinforcing Nigeria’s cultural capital as the country continues to pursue economic diversification beyond oil.
Also read: ‘Congratulations!’ UBA launches United Arab Emirates, Dubai-DIFC Branch (Photo)
The IFC currently operates in more than 100 countries and remains the world’s largest development institution focused on the private sector in emerging markets, with a growing emphasis on sectors that combine economic impact with social value.
Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
