By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    4 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    4 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    4 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    4 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    4 months ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    3 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    3 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    4 weeks ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    1 month ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    1 month ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    1 month ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Voters In Katsina Vow To Dump Buhairi, APC
    3 years ago
    My Son Must Win, Ondo State’s King Threatens His People
    3 years ago
    I Will Not Disappoint My Constituents, Dekor Reassures Ogoni People
    2 years ago
    Latest News
    Ex-Pres. Jonathan’s Senior Special Assistant, Dr. Dudafa Dumps PDP For APC
    1 week ago
    Senate President Akpabio Engages Young Progressives in Mentorship Conversation at the Youth House
    2 weeks ago
    Minister of Women Affairs Visits APC Youth House To Mark International Day Of Girl Child
    2 weeks ago
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    3 weeks ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    Alleged N532m Debt: Court Orders Bank To Takes Over Abudu Family’s Firm
    23 hours ago
    Popoola-Taiwo Legal Practitioners, Shipper’s Council Resolve 3-years Dispute Between Logistics Firms Via ADR
    3 days ago
    Final Journey of Ezinne Juliana Anyanwu To Begin January 2026 In Nguru
    3 days ago
    Receivership: Appeal Stalls Hearing Of Kepco Energy, Others’ Suit Against Ecobank, Others
    3 days ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Nigeria’s Glo(W)Ing Entertainment Industry: 19 Years Of Strategic Partnership
    3 years ago
    2023 Polls: Stay Tuned To These Channels On GOtv For Breaking News And Analysis 
    3 years ago
    Family, Friends Celebrate As Princess Zara Raji Turns Two
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    1 month ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    1 month ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    1 month ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    2 months ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Sanwo-Olu Receives TAMPAN Award
    8 months ago
    Radisson Hotel Group Announces Three New Hotels In Nigeria
    2 years ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    6 months ago
    Latest News
    The Day Mourners Rebelled in Church By Babafemi Ojudu
    2 weeks ago
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    1 month ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    2 months ago
    Nigeria, Switzerland Takes Major Steps Towards Repatriation Of Artifacts And Cultural Cooperation
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Financial Action Task Force Removes Nigeria From Grey List
    18 hours ago
    Unity Bank Shareholders Approve Merger With Providus Bank
    4 weeks ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    1 month ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    2 months ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    2 months ago
  • Health
    Health
    Show More
    Top News
    WHO
    WHO Gives Nigerian Laboratory Full Accreditation To Fight Measles And Rubella
    3 years ago
    European Union Allocates N75m To Prevent Spread Of Diphtheria In Nigeria
    3 years ago
    US Govt Must Heed Lessons Of PEPFAR – AIDS Society Warns
    2 years ago
    Latest News
    Nigerian Academy Of Pharmacy Inducts 14 New Fellows
    1 week ago
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    4 weeks ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    4 weeks ago
    Lagos Takes Fight Against HIV To Communities
    4 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Nigeria Eyes $100bn Revenue From Creative Economy
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Metro > Nigeria Eyes $100bn Revenue From Creative Economy
MetroNews

Nigeria Eyes $100bn Revenue From Creative Economy

Last updated: 2024/09/12 at 10:02 AM
1 year ago
Share
Minister of Art, Culture and the Creative Economy
SHARE

BY OLANIYI OLUGBENGA JOSEPH

The Federal Government has unveiled details of its bold and strategic plans to generate at least $100 billion and create over two million jobs from Nigeria’s creative economy yearly.

The government’s plan was unveiled on Wednesday by the Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa, at a roundta­ble for local and international investors where she presented her ministry’s 8-Point Plan and Roadmap.

Speaking at the event hosted by the ministry at in Ikoyi, the minister said that if implemented to its fullest, the plan has the po­tential to achieve the above-stated objectives.

- Advertisement -
Ad imageAd image

She listed the 8-Point Plan as follows: Nigeria Destination 2023, a national initiative designed to grow the arts, culture and cre­ative economy under one unit­ed vision; Skills Development; Fast-track Policy Frameworks; Strategy Governance and Col­laboration; Smart Strategic Partnerships; Growth Targets for GDP Contribution & Sectoral Output; Enabling Business Environments, and Cultural Heritage Preservation and Sustainability. ­

She lamented that despite its huge potentials, Nigeria’s creative industry currently contributes just $5 billion to the economy, with its different sub-sectors at various stages of development.

The sectors include music (sound recording, live perfor­mances and music videos), vi­sual media (movies, TV shows, comedy shows, podcast, content creation), visual arts & craft (can­vas painting, design, sculpturing, woodwork and other craft works), heritage & museums, culinary arts, fashion, publishing (books, literary arts, poetry, magazine, etc), and video gaming.

According to the National Bureau of Statistics, Nigeria’s creative economy has a very low contribution to overall GDP in comparison with benchmark countries, with the industry con­tributing just 1.2% to Nigeria’s GDP in 2022, the least when com­pared to other African countries like Morocco (2.7%), South Africa (3.0%), and Egypt (4.3%). It also ranks low (1.0%) in its ability to earn government revenue from the sector, compared to South Af­rica’s 12.5%.

To achieve its ambition, Musa­wa said the ministry has identi­fied 14 pivotal initiatives that will drive the sector’s growth and significantly boost government revenue $10 billion – $20 billion.

She grouped these initiatives under four unique pillars, name­ly: Technology, Infrastructure and Funding, International Culture Promotion, and Intellectual Prop­erty Monitisation.

Under the Technology pillar, the minister said the ministry intends to launch a digital con­tent creation tool accessibility programme to provide improved and discounted digital tools for Nigerian creatives.

Others include the launch of the Nigeria content distribution initiative to increase the nation­wide adoption of digital tools for content distribution, the launch of a study to estimate the size of the creative industry in Nigeria including a framework to size the market going forward, and the expansion of internet acces­sibility in underserved regions in Nigeria to expand the reach of the other digital initiatives.

For Infrastructure and Fund­ing, she said, this entails catalogu­ing existing infrastructure for the Arts, Culture and Creative Econ­omy and its current state, devel­oping the appropriate infrastruc­ture needed to the industry and leveraging public-private partner­ship to fund development, provid­ing incentives to stakeholders in the creative economy to boost investment and adoption of stra­tegic initiatives, and launching a creative accelerator programme to provide capital, and capacity building to creative companies.

Under International Culture Promotion, Musawa said the min­istry would establish a culture promotion office collaborating with Nigerian embassies abroad, to promote Nigerian arts, culture and creative economy, and lever­age AFCTA to boost Nigerian cre­ative output export regionally and globally.

For Intellectual Property Mon­etisation, she said the ministry would seek to establish globally standardised CMOs (Collection Management Organisations) for most of the sectors, launch a Copyright Oversight Initiative in partnership with the Nigerian Communications Commission (NCC) to enhance tracking, mon­itoring, and enforcement of copy­right standards, ensuring CMOs’ adherence to CISAC standards. It will also develop and implement the intellectual property frame­work and operationalise Nigeria’s IP licencing framework.

Musawa said that Nigeria’s creative economy has the po­tential to grow by 400% by 2027, positioning the sector to leapfrog in the long term and deliver the vision for the sector.

She revealed that the ministry has already created several initia­tives and entered collaborations towards the realisation of its set goals.

She listed some of these ini­tiatives to include, among others, the Creative Leap Acceleration Program, CultRise, an infrastruc­ture development initiative and Origins, an advanced data cap­ture and management initiative designed to collect, store, analyse, and share critical data related to Nigeria’s cultural and creative industries.

The minister also listed some of the ministry’s infrastructure project pipelines, including the Digital & Immersive Art Cen­tre, the Renewed Hope Creative City at the Wole Soyinka Centre, Arts Village in Abuja, setting up of Creative Hubs in Nigeria’s 36 states, the National Entertain­ment Centre, Abuja Creative City, and the National Gallery of Art, among others.

To aid in the realisation of the government’s job creation target in the creative industry, the minis­ter disclosed that the ministry has entered a partnership with Big­Win Philanthropy, a major inter­national development partner, to deliver a transformative capacity building and job creation strategy.

The event featured a panel session involving the minister herself and top officials of the ministry including: Director-Gen­eral, National Council for Arts and Culture, Obi Azika; Principal Adviser to the Minister of Art, Culture and Creative Economy, Faiz Imam, and Managing Direc­tor, Nigerian Film Corporation, Aliyu Nuhu. 

You Might Also Like

Alleged N532m Debt: Court Orders Bank To Takes Over Abudu Family’s Firm

Popoola-Taiwo Legal Practitioners, Shipper’s Council Resolve 3-years Dispute Between Logistics Firms Via ADR

Final Journey of Ezinne Juliana Anyanwu To Begin January 2026 In Nguru

Receivership: Appeal Stalls Hearing Of Kepco Energy, Others’ Suit Against Ecobank, Others

Lady Njemanze’s Final Rites End With Thanksgiving Mass in Owerri

INadminNG September 12, 2024 September 12, 2024
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Afreximbank Unveils 2024 CANEX Deal Room for Creative Industries
Next Article Gov Sanwo-Olu Makes Case For Smart Packaging To Reduce Food Waste
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?