Business
CBN, Bank of Industry Partner with CEAN to stabilize Nigeria’s creative sector Post-Covid
In a bold and strategic move to rescue Nigeria’s creative industries from the lingering economic shocks of the COVID-19 pandemic, the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI) have officially partnered with the Creative Entrepreneurs Association of Nigeria (CEAN) to design and implement a nationwide intervention targeting vulnerable creative businesses.
The collaboration, launched in mid-2022, marks a milestone in the recognition of Nigeria’s creative economy as a critical pillar of national development—and affirms CEAN’s position as a trusted stakeholder in industry policy and infrastructure development.
Responding to a Sector in Crisis
The partnership was galvanized by CEAN’s early post-pandemic whitepaper, “Creating Through Crisis: The Future of Nigerian Creativity Post-COVID,” which presented compelling data and policy recommendations that influenced federal strategy. While other sectors received initial support under the government’s economic recovery plans, it was CEAN’s persistent advocacy and detailed sector mapping that brought national attention to the creative industries’ urgent needs.
“From day one of the pandemic, we understood that Nigeria’s cultural workforce—millions strong—was at risk of collapse,” said Adebowale Ewedemi, CEAN founding executive and veteran media entrepreneur. “We didn’t just lobby for change; we brought the tools, the structure, and the roadmap.”
From Blueprint to Implementation
The result was a landmark intervention program backed by BOI and regulated by CBN, with CEAN serving as the official implementation partner. The program delivers targeted support to struggling sub-sectors including independent film, performance art, fashion, radio, music, design, and digital content production.
Highlights of the program include:
• Access to low-interest working capital for creative entrepreneurs
• Training grants and accelerator programs for skill development
• Support for studio and performance infrastructure
• Technical assistance for digital transformation and business retooling
CEAN’s nationwide rollout has seen the training of over 2,000 creative entrepreneurs, advisory support to more than 500 micro-businesses, and the establishment of regional Creative Recovery Hubs in Lagos, Abuja, and Enugu.
Sustained Leadership in Nigeria’s Creative Economy
This intervention is only the latest in CEAN’s long record of national impact. During the peak of the COVID-19 lockdowns, the association served as a frontline support system—offering emergency relief, transitioning training programs online, and shaping portions of the Federal Government’s Survival Fund.
For more than a decade, CEAN has played a vital role in connecting Nigeria’s informal creative workforce to structured policy, funding, and formal economic opportunities. Through this work, the association—under Ewedemi’s leadership—has consistently introduced original models, innovative frameworks, and institutional partnerships that define sustainable creative sector governance in Africa.
Architects of a New Creative Economy
This partnership with CBN and BOI reflects a broader understanding that Nigeria’s future is tied to the creative ingenuity of its people—and that long-term development requires strategic institutions with deep insight, trust, and capacity.
“We’re proud to move beyond advocacy into implementation,” said Ewedemi. “This is not a moment—it’s a movement. We are helping to reshape the creative industry into a nationally recognized economic force.”
As the creative sector continues to recover and rebuild, CEAN remains committed to ensuring that no artist, content creator, or cultural innovator is left behind.
About CEAN
The Creative Entrepreneurs Association of Nigeria (CEAN) is a national platform committed to advancing the business of creativity through advocacy, education, access to finance, and sustainable ecosystem development. CEAN represents creative professionals across music, media, fashion, film, design, performance, literature, and emerging creative technologies.
About Adebowale Ewedemi
Adebowale Ewedemi is a leading media and cultural entrepreneur with over 20 years of experience in broadcasting, creative industry leadership, and innovation policy. He is the founder of multiple FM radio stations in Nigeria and serves as Executive Director of CEAN, where he has led numerous national and international creative inte
Business
Australia hikes rates to 18-year high to fight inflation
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.
Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.
In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.
“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”
“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
It brings rates to their level seen since late 2008, at the height of the global financial crisis.
Business
MTN migrates MoMo Customers to Alipay+ platform
For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.
MTN Nigeria has begun moving MoMo Payment Services Bank customers to a new digital payment platform powered by Alipay+.
It’s fintech revenue fell 25.91% to ₦97.5 billion in the nine months ended September 2026.
The migration comes as monthly active MoMo users reached 3.2 million and transaction volumes rose 69.1%.
The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving transaction speed, security and reliability.
MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services.
For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.
Business
FG Secures $30m Grant from China for Grassroots Projects
Specific projects and beneficiary communities have not been announced.
•President Bola Tinubu
The Federal Government has secured a $30 million grant from China to finance grassroots development projects aimed at reducing poverty and improving living conditions.
The grant is worth about ₦43 billion, or RMB200 million.The agreement was signed on Thursday, October 29, 2026, at the Federal Ministry of Budget and Economic Planning in Abuja.
A ministry statement released on Sunday said the funding will support community-based projects under the Nigeria-China Development Cooperation framework.
The money will finance projects under China’s Small but Beautiful initiative.
The scheme focuses on affordable, community-driven interventions that deliver direct benefits to residents. It is expected to address development needs in underserved communities, including access to essential infrastructure and economic opportunities.
Specific projects and beneficiary communities have not been announced.
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