The Federal Government of Nigeria has introduced an ambitious eight-point plan aimed at generating $100 billion annually and creating over two million jobs from the country’s creative economy. This initiative was launched by the Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa, during a roundtable meeting with local and international investors held in Lagos.
The plan is designed to boost Nigeria’s creative economy by 400% by 2027, positioning the sector as a significant player in the global market. According to Musawa, the roadmap includes critical areas such as skills development, policy frameworks, governance, collaboration, strategic partnerships, growth targets, enabling business environments, cultural heritage preservation, and sustainability.
While highlighting the untapped potential of Nigeria’s creative industry, Musawa noted that the sector currently contributes only $5 billion to the national economy, despite its enormous capacity for growth. She emphasised the need for strategic efforts to unlock this potential and transform the sector into a major revenue generator for the country.
To achieve these ambitious targets, the ministry has outlined 14 pivotal initiatives that will drive growth in the sector and increase government revenue by an estimated $10 billion to $20 billion annually. These initiatives are grouped under four key pillars:
1. Technology, Infrastructure, and Funding: Aiming to provide the necessary infrastructure and technological support to promote innovation and creativity.
2. International Culture Promotion: Focused on promoting Nigeria’s rich cultural heritage globally to attract international investments and partnerships.
3. Intellectual Property Monetisation: Ensuring that creatives can effectively protect and profit from their intellectual property rights.
4. Sustainability and Cultural Heritage Preservation: Supporting the preservation of Nigeria’s diverse cultural heritage while ensuring the long-term sustainability of the creative economy.
The Federal Government’s $100 billion growth plan is seen as a crucial step in addressing the current underperformance of the creative sector, which comprises film, music, fashion, art, and digital content. By providing the necessary support and policy frameworks, the initiative aims to elevate Nigeria’s creative economy and secure its position as a global powerhouse.
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