Would you like to receive notifications on latest updates of the following headlines?

FG targets $100bn revenue from creative economy

POSTED ON September 13, 2024 •   Business      BY Abiodun Saheed Omodara
Minister of Art, Culture and the Creative Economy, Hannatu Musawa

The Federal Government has unveiled details of its strategic plans to generate at least $100bn and create over two million jobs from Nigeria’s creative economy yearly.

The Minister of Art, Culture and the Creative Economy, Hannatu Musawa, unveiled the government’s plan on Wednesday at a roundtable for local and international investors where she presented her ministry’s eight-point plan and roadmap in Ikoyi, Lagos.

Musawa lamented that despite its huge potential, Nigeria’s creative industry currently contributes just $5bn to the economy, with its different sub-sectors at various stages of development.

She said statistics from the National Bureau of Statistics indicated that Nigeria’s creative economy has a very low contribution to overall GDP in comparison with benchmark countries, with the industry contributing just 1.2 per cent to Nigeria’s GDP in 2022, the least when compared to other African countries like Morocco (2.7 per cent), South Africa (3.0 per cent), and Egypt (4.3 per cent).

Also, she noted that Nigeria ranked low (1.0 per cent) in its ability to earn government revenue from the sector, compared to South Africa’s 12.5 per cent.

To achieve its ambition, Musawa said, “The ministry has identified 14 pivotal initiatives that will drive the sector’s growth and significantly boost government revenue $10bn – $20bn.”

She grouped these initiatives under four unique pillars, which include technology, infrastructure and funding, international culture promotion, and intellectual property monetisation.

The minister outlined plans to provide Nigerian creatives with improved and discounted digital tools, launch the Nigeria Content Distribution Initiative, conduct a study to size the creative industry and expand internet access in underserved regions to support these initiatives.

For infrastructure and funding, she said this entails cataloguing existing infrastructure for the Arts, Culture and Creative Economy and its current state, developing the appropriate infrastructure needed for the industry and leveraging public-private partnerships to fund development.

She also mulled providing incentives to stakeholders in the creative economy to boost investment and adoption of strategic initiatives, and launching a creative accelerator programme to provide capital, and capacity building to creative companies.
Under international culture promotion, Musawa said, “The ministry will establish a culture promotion office collaborating with Nigerian embassies abroad, to promote Nigerian arts, culture and creative economy, and leverage AFCTA to boost Nigerian creative output export regionally and globally.”

For intellectual property monetisation, Musawa said the ministry would seek to establish globally standardised collection management organisations for most of the sectors, launch a copyright oversight initiative in partnership with the Nigeria Communications Commission to enhance tracking, monitoring, and enforcement of copyright standards.

According to Musawa, it will also develop and implement the intellectual property framework and operationalise Nigeria’s IP licensing framework.

Musawa said, “Nigeria’s creative economy has the potential to grow by 400 per cent by 2027, positioning the sector to leapfrog in the long term and deliver the vision for the sector.”

She further revealed that the Ministry had already created several initiatives and entered collaborations towards the realisation of its set goals.

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 23, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...

READ ALSO
Palm Oil Trade Boosting Bilateral Ties with Nigeria - Malaysia’s Envoy
BY Abiodun Saheed Omodara June 23, 2025 0

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, has reveal that  the thriving pa...

READ ALSO
African Energy Chamber Urges World Bank to Lift Ban on Upstream Oil and Gas Financing
BY Abiodun Saheed Omodara June 19, 2025 0

The African Energy Chamber (AEC) has called on the World Bank to lift its ban on financing upstream...

READ ALSO
FG to Reclaim Dormant Oil Wells as NUPRC Implements 'Drill or Drop' Policy
BY Abiodun Saheed Omodara June 13, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has informed oil producers of its inte...

READ ALSO
Nigeria's $5bn Crude-for-Loan Deal with Aramco Faces Major Setbacks amid Falling Oil Prices
BY Abiodun Saheed Omodara June 11, 2025 0

A $5 billion crude-for-loan agreement between the Federal Government and Saudi Arabian oil giant Ara...

OUR CHANNELS:

EFCC Charges Businessman, Company with $75,000 Fraud
BY Abiodun Saheed Omodara June 24, 2025 0

A businessman, Peter Otomewu, along with his company, Pebeto Enerji Limited, was brought before the...


Osimhen Willing to Join Manchester United for Under £200,000 a Week
BY Abiodun Saheed Omodara June 24, 2025 0

Victor Osimhen is reportedly willing to accept a weekly wage of just under £200,000 at Manches...


Trump Announces Iran-Israel Ceasefire Deal, Tehran Denies Formal Agreement
BY Abiodun Saheed Omodara June 25, 2025 0

Former U.S. President Donald Trump has announced that Iran and Israel have agreed to a “comple...


French Police Arrest 12 over Alleged Drugging of Women at Music Festival
BY Abiodun Saheed Omodara June 24, 2025 0

French police have arrested 12 individuals suspected of drugging female festivalgoers during the ann...


NATO Warns Iran Against Nuclear Weapon Development Amid Rising Tensions
BY Abiodun Saheed Omodara June 24, 2025 0

In a renewed effort to curb escalating violence in the Middle East, the North Atlantic Treaty Organi...


Mertens Announces Retirement from Football, Cites Age and Fatigue
BY Abiodun Saheed Omodara June 24, 2025 0

Belgian football star Dries Mertens has officially announced his retirement from professional footba...


Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 24, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...


Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 24, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...


NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 24, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...


EFCC Urges Students to Shun Internet Fraud, Embrace Positive Online Ventures
BY Abiodun Saheed Omodara June 24, 2025 0

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Ni...


More Articles

Load more...

Menu