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Nigeria

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 Broadcast Journalist with a background in English Language and a Masters in International Law & Diplomacy. She began her career in 1999 in Southern Nigeria Ekiti State as a Freelance Radio Newscaster before joining Channels Television Lagos (2000) where she covered a several beats ranging from Health, Metrofile, Travels, Aviation, Business & Finance as well as State's House Correspondent. Vivian Adds to her roles a strong passion for human angle stories women and children.

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