FG unveils plans to unlock $100bn from creative economy
By Tosin Brown
The Federal Government has outlined bold and strategic plans to generate over $100 billion annually from Nigeria’s creative economy.
In addition, the Ministry of Culture, Arts, and Creative Economy aims to create over two million jobs each year from the nation’s growing creative sectors.
In a recent statement, the Federal Ministry of Culture, Arts, and Creative Economy revealed the Government’s ambitious plan on Wednesday, September 11. The Honourable Minister, Hannatu Musa Musawa, unveiled the ministry’s 8-Point Plan and Roadmap during a roundtable discussion with local and international investors at the Wheatbaker Hotel in Ikoyi, Lagos.
Speaking at the event, Musawa expressed confidence that, if fully implemented, the plan has the potential to achieve the outlined objectives.
She highlighted the 8-Point Plan, which includes Nigeria Destination 2023, a national initiative designed to unify the arts, culture, and creative economy under one shared vision. Other key points include Skills Development, Fast-track Policy Frameworks, Strategic Governance and Collaboration, Smart Partnerships, Growth Targets for GDP Contribution & Sectoral Output, Enabling Business Environments, and Cultural Heritage Preservation and Sustainability.
The minister lamented that, despite its vast potential, Nigeria’s creative industry currently contributes only $5 billion to the economy, with various sub-sectors at different stages of development.
She outlined these sub-sectors, which include music (sound recording, live performances, music videos), visual media (movies, TV shows, comedy shows, podcasts, content creation), visual arts & crafts (painting, design, sculpting, woodwork), heritage & museums, culinary arts, fashion, publishing (books, literary arts, poetry, magazines), and video gaming.
According to the National Bureau of Statistics, Nigeria’s creative economy contributes a mere 1.2% to the country’s GDP, far lower than benchmark countries such as Morocco (2.7%), South Africa (3.0%), and Egypt (4.3%). The sector also ranks poorly (1.0%) in terms of generating government revenue compared to South Africa’s 12.5%.
The minister identified three primary factors limiting the sector’s revenue contribution: the high number of informal players in the industry, limiting its formal economic impact; weak intellectual property enforcement leading to rampant piracy; and inadequate implementation of tax laws, including VAT, which reduces government revenue from the sector.
To realize the sector’s potential, Musawa announced that the ministry has identified 14 pivotal initiatives to drive growth and significantly increase government revenue by $10 billion to $20 billion. These initiatives are organized under four pillars: Technology, Infrastructure and Funding, International Culture Promotion, and Intellectual Property Monetization.
Under the Technology pillar, the ministry plans to launch a Digital Content Creation Tool Accessibility Program to provide Nigerian creatives with improved and discounted digital tools. Other initiatives include the launch of a Content Distribution Initiative to boost digital content distribution nationwide, conducting a comprehensive study to estimate the size of Nigeria’s creative industry, and expanding internet access to underserved regions to enhance the reach of digital initiatives.
For Infrastructure and Funding, the ministry will catalogue existing infrastructure for the arts and creative economy, assess its current state, and develop new infrastructure through public-private partnerships. The government also plans to provide incentives to boost investment and adopt strategic initiatives while launching a Creative Accelerator Program to offer capital and capacity building to creative companies.
On International Culture Promotion, Musawa announced plans to establish a culture promotion office in collaboration with Nigerian embassies abroad, aimed at promoting Nigerian arts, culture, and creative industries globally. In addition, the ministry intends to leverage the African Continental Free Trade Area (AfCFTA) to boost the export of Nigerian creative outputs both regionally and globally.
For Intellectual Property Monetization, the ministry will seek to establish globally standardized Collection Management Organizations (CMOs) for different creative sectors. It will also launch a Copyright Oversight Initiative in collaboration with the Nigerian Communications Commission (NCC) to enhance the monitoring and enforcement of copyright standards, ensuring that CMOs adhere to international CISAC standards. The ministry will also develop and implement an intellectual property framework to operationalize Nigeria’s IP licensing system.
Musawa projected that Nigeria’s creative economy has the potential to grow by 400% by 2027, positioning the sector to leapfrog toward long-term growth and deliver on the vision for its transformation. She also revealed that the ministry has already initiated several projects and partnerships in pursuit of these goals.
