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The Federal Executive Council (FEC) has approved credit facilities from international financiers for the procurement of fighter aircraft and ammunition for the Nigerian Air Force. This announcement was made by Minister of Information and National Orientation, Mohammed Idris, during a press briefing at the Presidential Villa in Abuja following a cabinet meeting led by President Bola Tinubu.
The approved financing includes €443.3 million and $141 million, which will be sourced from a consortium of financiers to acquire six M346 fighter aircraft and the necessary ammunition.
In addition to this, the FEC sanctioned a ₦44.2 billion contract for the Nigeria Customs Service (NCS) aimed at constructing residential accommodations and procuring operational vehicles to enhance the service’s efficiency.
Idris also addressed other significant approvals, including agreements to eliminate double taxation between Nigeria and Hong Kong, as well as Nigeria and Botswana, to combat tax evasion and avoidance.
In a separate announcement, Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, revealed the establishment of the Creative Economy Development Fund. This fund aims to bolster the creative sector by allowing practitioners to use their intellectual property (IP) as collateral for monetization.
Musawa noted that the creative economy has historically faced challenges due to insufficient structural support, particularly regarding IP policies. Her ministry is working with the Ministries of Industry, Trade, and Investment, as well as the Ministry of Justice, to finalize a comprehensive IP policy within two weeks.
The minister also highlighted that the fund has received a commitment of $200 million from Afrexim Bank, alongside contributions from other sources. She emphasized that the Creative Economy Fund is intended to unlock the full potential of Nigeria’s creative industries, driving economic growth and job creation, particularly for the youth.
