Nigeria’s creative economy is poised for global impact – Musawa

By Tosin Brown

The Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, has stated that Nigeria’s creative economy is positioned for global impact.

Musawa made this statement while addressing the US-Nigeria Council Event on Wednesday, September 25, in New York, where she showcased the nation’s thriving creative sector and its vast potential for global collaboration.

She noted that Nigeria’s creative economy currently contributes $5.6 billion to the nation’s GDP, reflecting the country’s rich heritage and vibrant spirit.

The Minister also highlighted initiatives such as the Creative Leap Accelerator Programme (CLAP) and CultuRise, designed to enhance Nigeria’s global presence in the creative industries, as key platforms aimed at elevating the creative economy to new heights.

Musawa emphasized the importance of US-Nigeria collaboration in key areas, including knowledge exchange, infrastructure development, intellectual property protection, and joint promotions.

“One key area where we can deepen US-Nigeria collaboration is through knowledge exchange and capacity building. By establishing partnerships between our universities, training centers, and creative organizations, we can share best practices, develop innovative curricula, and equip our artists with the skills they need to succeed in the global marketplace. Our CLAP initiative aims to drive these meaningful partnerships,” she said.

To support the growth of Nigeria’s creative sector, the Minister announced the establishment of the Creative Economy Development Fund (CEDF), a $500 million fund providing affordable financing to creative businesses and entrepreneurs.

“The $500 million CEDF will offer loans at concessionary interest rates, focusing on supporting startups, small businesses, and underserved segments of the creative economy.

“The CEDF will also provide technical assistance and capacity building to help creative businesses become investment-ready and access markets. We invite our American partners to contribute to the CEDF and help unlock the vast potential of Nigeria’s creative talent.”

Musawa concluded by emphasizing the immense potential for US-Nigeria collaboration in the creative industries, noting that the sector’s roadmap and strategy aim to increase its GDP contribution from $5.6 billion to $20 billion by 2027, boost government revenue, and position Nigeria as a global leader in the creative economy.

“We are building bridges between our nations, fostering greater understanding and cooperation. Together, let us create a brighter future for our artists and our peoples,” the Minister said.