In a decisive move to advance inclusive growth, job creation, and economic diversification, the International Finance Corporation has formalized a mandate partnership with TerraKulture, signaling growing confidence in Nigeria’s creative economy as a powerful driver of both cultural expression and economic opportunity. The collaboration reflects a shared belief that the creative sector, long viewed primarily through a cultural lens, can play a central role in employment generation, entrepreneurship, and skills development, particularly for young people and women.
At a time when Nigeria is actively seeking new engines of growth beyond traditional sectors, the partnership positions creative infrastructure and talent development as critical components of long term economic transformation. The mandate establishes a structured framework for collaboration aimed at strengthening Nigeria’s creative ecosystem by expanding access to professional creative spaces and industry relevant training. By doing so, it supports a vibrant environment where Nigerian stories can be conceived, produced, and shared globally, grounded in African perspectives and shaped by local authenticity.
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As part of the mandate, the International Finance Corporation will support the refurbishment of TerraKulture’s creative and training facilities in Lagos, reinforcing the institution’s role as a flagship platform for talent development across theatre, film, visual arts, and cultural production. Through its integrated model, TerraKulture bridges creativity and enterprise, equipping emerging artists with practical skills, professional networks, and viable pathways into employment and entrepreneurship across the creative value chain.
For more than two decades, TerraKulture has stood at the intersection of culture and enterprise, playing a defining role in preserving Nigerian languages, storytelling traditions, and artistic expression. Founded in 2003, the institution has evolved into a dynamic incubator for actors, writers, technicians, and creative entrepreneurs, demonstrating how cultural institutions can generate social impact while delivering measurable economic value. Its approach blends cultural preservation with business development, offering a blueprint for how creative platforms can scale sustainably.
Speaking on the significance of the partnership, Ethiopis Tafara, IFC Vice President for Africa, emphasized the sector’s transformative potential, noting that creative industries are a powerful source of jobs and opportunity, particularly for young people and women. He described the mandate partnership with TerraKulture as a reflection of the institution’s belief that locally rooted creative institutions can play a meaningful role in inclusive growth, adding that strengthening platforms that professionalize creative talent while preserving cultural expression is essential to supporting Nigeria’s long term economic transformation.
The collaboration aligns closely with the International Finance Corporation’s broader strategy to formalize, finance, and scale creative enterprises across emerging markets. The creative economy’s strong multiplier effects spanning tourism, technology, hospitality, and services position it as a strategic sector capable of driving both growth and cultural preservation. The mandate also reflects the growing global recognition of Africa’s vibrant creative scene and its potential to amplify African narratives on the world stage, shaped by local context rather than external interpretation.
For TerraKulture, the partnership marks a pivotal moment in its evolution from cultural hub to industry catalyst. Bolanle Austen Peters, Founder of TerraKulture, described the International Finance Corporation’s support as a strong vote of confidence in the institution’s work, noting that it enables the expansion of platforms that nurture talent, tell African stories, and build a globally competitive creative sector. She emphasized that strategic partnerships of this nature are critical to transforming Nigeria’s cultural ecosystem from one driven primarily by passion into one powered by sustainable industry structures.
As Nigeria continues to pursue economic diversification, the mandate partnership between the International Finance Corporation and TerraKulture signals a shared commitment to reimagining the role of creative institutions in national development. It illustrates how culture, when backed by capital, expertise, and institutional collaboration, can become a cornerstone of job creation, skills development, and sustainable livelihoods, while strengthening the country’s cultural capital and positioning Nigerian creativity more firmly on the global stage.
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The International Finance Corporation, a member of the World Bank Group, remains the largest global development institution focused on the private sector in emerging markets, operating in more than one hundred countries to create markets and opportunities through capital, expertise, and influence. In fiscal year 2025, the institution committed a record seventy one point seven billion dollars to private companies and financial institutions in developing countries, mobilizing private capital to support a world free of poverty on a livable planet.
TerraKulture Arts and Studios Limited stands as Nigeria’s premier destination for arts, culture, and creative expression. Founded by renowned cultural advocate and producer Bolanle Austen Peters, the institution has grown into a multifaceted cultural powerhouse, housing an art gallery, bookstore, authentic African restaurant, a world class four hundred seater arena, and a thriving theatre and film production arm. Over the years, it has hosted and collaborated with globally acclaimed artists such as Femi Kuti, Burna Boy, and Davido, while staging critically acclaimed productions including Moremi, Dear Kaffy, and Fela and the Kalakuta Queens. Through its sustained commitment to excellence, preservation, and innovation, TerraKulture continues to champion African stories and elevate them to world class platforms.
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