Thursday, November 7, 2024
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Nigeria Unveils $100bn Plan to Boost Creative Economy and Create Over Two Million Jobs

New strategy aims to elevate Nigeria’s creative sector, expand GDP contribution, and attract global investors.

The Federal Government of Nigeria has outlined an ambitious plan to generate at least $100 billion annually and create over two million jobs from the country’s creative economy. Hannatu Musawa, the Minister of Art, Culture, and the Creative Economy, revealed the details of the government’s strategic initiative during a roundtable for local and international investors in Ikoyi, Lagos, on Wednesday.

In her presentation, Musawa highlighted the enormous potential of Nigeria’s creative sector, lamenting its current underperformance. Despite being rich in talent and cultural heritage, the sector contributes just $5 billion to the economy each year. Musawa noted that different sub-sectors within the industry are at varying stages of development, limiting its ability to reach its full potential.

She shared data from the National Bureau of Statistics, which shows that Nigeria’s creative economy accounted for only 1.2% of the country’s GDP in 2022. This figure is notably low compared to benchmark countries on the continent, such as Morocco (2.7%), South Africa (3.0%), and Egypt (4.3%). Furthermore, Nigeria ranks low in its capacity to generate government revenue from the creative industry, contributing just 1% compared to South Africa’s 12.5%.

The government’s eight-point plan, unveiled by Musawa, is designed to drive the growth of Nigeria’s creative economy, positioning it as a critical engine for economic diversification and job creation. The roadmap includes measures to attract both local and foreign investment, strengthen industry infrastructure, and enhance skill development across the sector.

Musawa emphasized the need for strategic partnerships with international investors and local stakeholders to harness Nigeria’s rich cultural capital. She expressed confidence that with proper implementation, the creative economy could become a significant contributor to the country’s GDP, surpassing its current underwhelming performance.

The government’s vision is to elevate the creative sector to a global scale, boosting Nigeria’s cultural export potential and providing millions of new employment opportunities. With a firm commitment to collaboration and policy support, Nigeria hopes to achieve this bold target within the next few years.

 

Vivian Akinyosoye
Vivian Akinyosoye is a seasoned journalist with a background in English Language and a Masters degree in International Law & Diplomacy. She officially began her career in journalism when she joined Channels Television Lagos Nigeria in 2000. Her work in Channels allowed her to hone her skills as a journalist laying a solid foundation for a successful career as a versatile reporter covering Human angle stories, Health, Aviation, Metrofile, Travels, Business and Finance. She served as State House Correspondent Abuja in her early years with Channels TV and has trained at the London Academy for Film, Media and TV. She also served briefly with Silverbird Television Lagos Nigeria before joining African Voices 1 Network Intl (AV1 News) where she currently serves as Lead Editor, Business & Finance.

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