Musawa advocates for financial support, policy reforms in Nigeria’s creative industries

The Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, has urged stakeholders to increase investment in Nigeria’s creative sector, emphasizing its potential as a key driver of inclusive economic growth and job creation.

Speaking at the 31st Nigerian Economic Summit in Abuja on Tuesday, she highlighted that the creative economy currently contributes about 2.3% to Nigeria’s GDP and employs over 4.2 million people across diverse sectors.

Minister Musawa pointed to the remarkable success of Nollywood, the Nigerian fashion industry, and Afrobeats music as prime examples of the sector’s growing global influence and economic importance. She emphasized the urgent need to create a business environment that attracts both local and international investors through financial incentives and a robust regulatory framework promoting transparency and ease of doing business.

She acknowledged several challenges faced by the creative sector, including limited access to funding, inadequate infrastructure, and regulatory obstacles. Musawa called on financial institutions to develop tailored financial products that address the unique needs of creative enterprises while urging increased investment in infrastructure and skills development to unlock the sector’s full potential.

“I urge those in the formal financial sector to consider the distinctive nature of our creative industries and their products,” she stated, reinforcing the necessity for specialized financial support mechanisms aligned with the sector’s dynamics.

The Minister assured attendees that the Ministry of Art, Culture, Tourism, and the Creative Economy is committed to ongoing regulatory and policy reforms designed to foster innovation, creativity, and sustainable growth within the sector. She reiterated the government’s dedication to positioning the creative economy as a central pillar of Nigeria’s economic diversification agenda.

Concluding her remarks, Musawa quoted Omoyemi Akerele, founder of Lagos Fashion Week, highlighting the importance of building a sustainable ecosystem that empowers Nigerian talents and showcases the country’s rich cultural heritage on the global stage.

The summit workshop, themed “Building Productive Sectors: Investing in the Creative Economy,” convened key stakeholders, private investors, and creative entrepreneurs to deliberate on strategies to harness the sector’s potential and strengthen its contribution to national development.