Nigeria’s federal government has unveiled an ambitious plan to generate $100 billion and create over two million jobs annually from the country’s creative economy. Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa, revealed the eight-point plan at a roundtable for local and international investors in Lagos. The plan aims to grow Nigeria’s creative economy by 400% by 2027, positioning the sector for long-term growth.
Currently, the creative industry contributes just $5 billion to the economy, despite its huge potential. To unlock this potential, the government has identified key initiatives, including skills development, policy frameworks, governance and collaboration, smart strategic partnerships, growth targets, enabling business environments, cultural heritage preservation, and sustainability.
The ministry has grouped 14 pivotal initiatives under four pillars: Technology, Infrastructure and Funding, International Culture Promotion, and Intellectual Property Monetisation. These initiatives aim to drive sector growth and boost government revenue by $10-20 billion. Minister Musawa emphasized the importance of the creative economy, highlighting its potential to transform Nigeria’s economic landscape.
Nigeria’s creative industry encompasses various sub-sectors, including music, film, fashion, and art. With proper support and investment, these sectors can become significant contributors to the country’s economy. The music industry, for instance, has witnessed significant revenue growth, with projected revenues reaching $73 million in 2021. Nollywood, Nigeria’s film industry, is the second-largest producer of movies in the world, generating around $600 million annually.
The government’s commitment to developing the creative economy is a welcome step towards diversifying Nigeria’s revenue streams and creating employment opportunities. This initiative has the potential to boost economic growth, create jobs, promote cultural heritage, and foster innovation. As Nigeria strives to tap into its creative potential, this plan marks a significant milestone in unlocking the sector’s growth.
By leveraging technology, infrastructure, and funding, Nigeria’s creative economy can become a significant contributor to the country’s GDP. The plan’s success relies on collaboration between government, investors, and stakeholders. With the right strategies and support, Nigeria’s creative space can become a powerhouse of innovation, creativity, and economic growth.
