First City Monument Bank (FCMB) is promoting culture as a driver of economic growth by utilizing venues like the Ibadan Cultural Festival to assist small businesses, increase inclusivity, and link regional companies to larger markets.
The Central Council of Ibadan Indigenes (CCII) is the festival’s primary partner, the Bank said cultural gatherings are fast becoming viable commercial ecosystems, bringing together thousands of vendors, creatives, and service providers to drive real economic activity.
Speaking at a press conference in Ibadan, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, said the Bank’s approach is to enable participation, support business growth, and capture transaction flows within these ecosystems.
He stated, “We see culture as a functioning marketplace. Events like this concentrate demand, talent, and enterprise in one place. Our role is to help businesses plug into that, through access to finance, visibility, and the systems that support transactions and growth.”
He observed that the festival encourages activity in the hospitality industry, retail, transport, and the creative sector, while also attracting diaspora engagement that strengthens remittance flows and local investment.
The Ibadan Cultural Festival, also known as Okebadan, attracts residents, indigenes, and visitors, driving a surge in commercial activity across the city. President-General of the CCII, Barrister Ajeniyi Ajewole, said the festival has become both a cultural and economic platform.
“It drives tourism, supports local businesses, and creates an opportunity for Ibadan indigenes in the diaspora to return, reconnect, and contribute to the city’s growth,” he said. He added that FCMB’s involvement reflects growing private sector interest in culture-led development.
Mogaji Gbolagade Akere, chairman of the Planning Committee, stated that the 2026 edition is designed to raise Ibadan’s status as a travel and investment destination, with activities that combine cultural expression and economic engagement.
FCMB stated that their cooperation is part of a larger goal to create ecosystems that connect informal and small-scale firms to funding, markets, and possibilities for growth.