FCMB Cultural Festival Economic Growth strategy highlights how the bank uses Ibadan festival to empower SMEs, boost trade, and support inclusion
First City Monument Bank (FCMB) on Monday reaffirmed its commitment to positioning culture as a driver of economic growth, leveraging the Ibadan Cultural Festival to support small businesses, deepen financial inclusion, and expand market access for local enterprises.
FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, made the remarks during a press conference in Ibadan, where he outlined the bank’s strategy of using cultural platforms as commercial ecosystems that generate measurable economic activity.
FCMB Culture-Led Economic Growth initiative is being advanced through the bank’s partnership with the Central Council of Ibadan Indigenes (CCII), which organises the annual Ibadan Cultural Festival, also known as Okebadan.
Olojo said the bank views cultural events not merely as celebrations, but as structured marketplaces where demand, talent, and enterprise converge to create real business opportunities.
“We see culture as a functioning marketplace. Events like this concentrate demand, talent, and enterprise in one place,” he said, noting that FCMB’s role is to support businesses with access to finance, visibility, and efficient transaction systems.
He explained that the festival generates ripple effects across hospitality, retail, transport, and creative industries, while also attracting diaspora participation that strengthens remittance inflows and local investment.
The Ibadan Cultural Festival draws thousands of residents, indigenes, and visitors annually, transforming the city into a hub of commercial and cultural exchange.
President-General of CCII, Barrister Ajeniyi Ajewole, described the festival as both a cultural heritage celebration and an economic catalyst, noting its growing importance in tourism development and diaspora engagement.
He said FCMB’s participation reflects increasing private sector confidence in culture-driven economic models that support local growth and community development.
Chairman of the Planning Committee, Mogaji Gbolagade Akere, added that the 2026 edition has been designed to strengthen Ibadan’s positioning as a tourism and investment destination through integrated cultural and economic activities.
FCMB reiterated that its broader strategy is to build ecosystems that connect informal and small-scale businesses to structured finance, wider markets, and sustainable growth opportunities.
The bank described cultural platforms as increasingly vital to unlocking grassroots economic potential and strengthening Nigeria’s creative and enterprise sectors.
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