馃嚦馃嚞NigeriaWest Africa
Nigeria's creative industry needs institutions, not just artists, says Loom Rooms CEO
via Punch Nigeria11 min read
Shola Bamidele, CEO and founder of Loom Rooms, a firm managing a creative ecosystem in Nigeria, states that the Nigerian creative industry needs to build institutions to sustain its success. He notes that while Nigerian talent in Afrobeats and Nollywood has achieved global recognition, this success often comes despite an imperfect system, with creatives overcoming challenges like power outages and limited resources. Bamidele emphasizes that Nigeria does not lack talent, but rather a system that consistently allows talent to flourish, highlighting the need for creative infrastructure such as affordable workspaces, reliable internet, legal advice, funding, mentorship, and professional networks. He also points out that opportunities often travel through private networks, making it difficult for many to access them. Loom Rooms, located in Egbeda, Alimosho Local Government Area, aims to address this by creating a community where creatives can collaborate and develop their businesses. Bamidele argues that Nigeria has excelled at producing exceptional individuals but has yet to master building organizations that can outlive these individuals, leading to a personality-driven rather than institution-driven industry. He acknowledges the fair criticism of exploitation within the industry, advocating for fair contracts, proper credit, and compensation, and stressing the importance of young creatives understanding the business side of their craft. For the creative economy to become a genu
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Lagos emergency responders successfully contained two separate fire incidents on Thursday, preventing major disasters and recording no casualties. In Ikotun, a gas-laden tanker caught fire after striking a road bump, causing the driver to lose control and a tire to burst. The Lagos State Emergency Management Agency LASEMA, Lagos State Fire and Rescue Service, Lagos State Traffic Management Authority, Federal Road Safety Corps, and Nigeria Police collaborated to extinguish the blaze and manage traffic. LASEMA Permanent Secretary Olufemi Oke-Osanyintolu urged motorists to obey speed limits. Separately, the Lagos State Fire and Rescue Service confirmed a fire at the electronics section of a Justrite Superstore in Egbeda-Akowonjo. Controller General Margaret Adeseye reported that firefighters quickly contained the fire, which preliminary findings suggest originated from an alternative power source, specifically the building's solar inverter system. Both incidents were brought under control with no loss of life or injuries.
The Abia State Police Command has confirmed the mysterious death of five members of the same family in Umuimo, Osisioma Ngwa Local Government Area. The victims, identified as Mr Kachi Nnabugwu, his wife, Chinaza, and their three children, were found dead inside their residence on Tuesday. The incident was reported to the Osisioma Divisional Police Headquarters on July 22, 2026, by the deceased's brother after he was unable to reach them. Upon forcing entry into the house, the lifeless and decomposing bodies were discovered. Police Public Relations Officer, DSP Maureen Chinaka, stated that detectives visited the scene, conducted a preliminary visual inspection, and took photographs. The bodies have been deposited at the morgue for preservation and autopsy, with investigations ongoing. Residents reported the family was last seen on Saturday, July 18, and neighbors forced entry after repeated failed attempts to contact them. Containers of leftover food and a generator were reportedly found in the building. The circumstances surrounding the deaths remain unclear.
Credit extended to Nigeria's private sector reached N83.3tn in June 2026, marking a 2.8 percent increase from N81tn in May. This data comes from the Central Bank of Nigeria's latest Money and Credit Statistics. Conversely, credit to the government saw a 0.99 percent decline, falling to N40tn in June from N40.4tn in May. Consequently, net domestic credit grew by 1.5 percent to N123.3tn in June, up from N121.42tn the previous month. This rise in private sector lending indicates that banks are continuing to provide credit to businesses and households, even with the Central Bank of Nigeria's high-interest rate policy. Analysts suggest that sustained credit growth could foster business expansion, investment, and overall economic activity. However, there is also a concern that if credit growth outpaces the economy's productive capacity, it could lead to increased inflationary pressures. The figures highlight a persistent demand for financing despite the Central Bank of Nigeria's tight monetary policy, which aims to control inflation and stabilize prices.