The International Finance Corporation, a member of the World Bank Group, has entered into a partnership with Terra Kulture Arts and Studios Limited to strengthen the Nigerian creative economy.
This was disclosed in a statement issued on Friday following the signing of the agreement in Lagos.
The PUNCH reports that in the past year, IFC committed a record $71.7bn to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilising private capital to create a world free of poverty on a liveable planet. In Nigeria alone, the IFC’s portfolio is about $1.3bn.
The terms of the mandate partnership with TerraKulture will enable support for the expansion of creative infrastructure and skills development in Nigeria. The mandate partnership establishes a framework for collaboration aimed at strengthening Nigeria’s creative ecosystem by expanding access to professional creative spaces and training. It supports the growth of a vibrant creative scene that enables Nigerian stories to be developed, produced, and shared from an African perspective on the global stage.
Speaking on the partnership, IFC Vice President for Africa, Ethiopis Tafara, said, “Creative industries are a powerful source of jobs and opportunity, particularly for young people and women.
This mandate partnership with Terra Kulture reflects IFC’s belief that locally rooted creative institutions can play a meaningful role in inclusive growth. By strengthening platforms that professionalise creative talent and preserve cultural expression, we are supporting Nigeria’s long-term economic transformation.”
The IFC added that the mandate aligns with IFC’s broader strategy to formalise, finance, and scale creative enterprises across emerging markets, recognising the sector’s strong multiplier effects across tourism, technology, and services, as well as its role in preserving cultural identity. It also reflects the growing recognition of Africa’s vibrant creative scene and its potential to amplify African stories globally, grounded in local context and shaped through African perspectives.
Highlighting how collaborations like this can expand Nigeria’s creative economy, the founder of Terra Kulture, Bolanle Austen-Peters, said, “We value IFC’s confidence in Terra Kulture’s work. Their support enables us to expand platforms that nurture talent, tell our stories, and build a globally competitive creative sector. Strategic partnerships like this are essential to transforming the cultural ecosystem from passion-driven to industry-driven.”
Under the mandate, IFC will support the refurbishment of Terra Kulture’s creative and training facilities in Lagos, reinforcing its role as a flagship platform for talent development across theatre, film, visual arts, and cultural production.
Through its integrated model, TerraKulture equips emerging creatives with industry-relevant skills, professional networks, and viable pathways into employment and entrepreneurship across the creative value chain. For more than two decades, Terra Kulture has played a central role in preserving Nigerian languages, storytelling, and artistic expression, while serving as an incubator for actors, writers, technicians, and creative entrepreneurs. Its approach combines cultural preservation with enterprise development, demonstrating how creative institutions can generate both social and economic value.
As a cultural landmark, Terra Kulture has hosted and collaborated with globally acclaimed artists and performers, including Femi Kuti, Burna Boy, and Davido. Its theatre has also staged critically acclaimed and commercially successful productions such as Moremi, Dear Kaffy, and Fela and the Kalakuta Queens, attracting diverse audiences and setting new standards for stage production in Nigeria.
