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
    2 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
    3 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    3 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    3 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    3 months ago
  • Africa
    Africa
    Show More
    Top News
    African Union Member States Pledge To Improve Nutrition And Food Security In Africa
    3 years ago
    Climate Change: How Women Weather The Storm In Sudan
    3 years ago
    New Visa Requirement For Namibian Nationals Visiting the United Kingdom
    2 years ago
    Latest News
    Canada–Africa Chamber Of Business: Delegates From Nigeria, Kenya, SA, DR Congo Visit Hamilton To Strengthen Trade And Investment Links
    1 day ago
    Four African Cities Awarded CRA’s African Urban Heat Resilience Grants 
    6 days ago
    Gov Sanwo-Olu Hails Lagos Nomination As Intra-African Trade Fair Host
    6 days ago
    New AfDB President Set Youth Target In 100 Days, To Prioritise Reforms, Partnerships
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Peter Obi’s Big Win In Lagos Set Social Media On ‘Fire’
    3 years ago
    Tayo Ayinde, A Leading Choice For Nigerian President-Elect’s Chief Of Staff
    2 years ago
    15th BRICS Summit
    Timi Frank Blasts Shettima For Gloating Over Predetermined Tribunal Judgement
    2 years ago
    Latest News
    NSC Chairman To Engage With Youth And Sports Stakeholders At The Nest Centre
    4 weeks ago
    Edo District Bye-election: SDP Candidate, Hon. Isidahomhen Promises To Pursue Best Interest Of Esanland 
    1 month ago
    PHOTOS: Vinod Obasa Takes Oath Of Office
    2 months ago
    Gov Adeleke’s Outburst Against Aregbesola Shows Sign Of A Drowning Man – ADC Group
    2 months 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
    SP Abimbola Olabisi Appointed As New Lagos PPRO
    12 hours ago
    At Polish-Nigerian Economic Forum, Lagos Makes Case For Partnership, Trade Investments
    1 day ago
    798 Pensioners Paid N1.52B In Lagos State
    1 week ago
    Unlock Your Potential: NEXIM MD Inspires Nigerian Youth To Pursue Their Passions, Highlighting Opportunities In Non-oil Value Chains
    2 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Hi-Life Fest: Show Progresses With Six Contestants, Features Frederick Leonard As Guest Judge
    2 years ago
    Sound Of Praise To Raise Altar Of Praise For God – Chinedu Ezenwa
    2 years ago
    Oscars 2024
    The Full List Of Winners And Nominees At Oscars 2024
    2 years ago
    Latest News
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    1 day ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    1 week ago
    France Télévisions Hits Record Digital Engagement With Its Roland-Garros 24×7 Channel Powered By Wildmoka
    1 week ago
    Hello Mr Right Naija Season 3: Love, Drama And Surprises Await This September!
    2 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Pilgrimage To Israel Not Tourism Jamboree, Lagos First Lady Warns
    3 years ago
    Hilton to Debut Canopy by Hilton and Hilton Garden Inn Brands in Nigeria
    1 year ago
    Mercy Ships’ Newest Hospital Ship Prepares To Serve First Patients
    3 years ago
    Latest News
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    1 week ago
    Nigeria, Switzerland Takes Major Steps Towards Repatriation Of Artifacts And Cultural Cooperation
    3 weeks ago
    Archbishop Ugorji Hails St. Helen’s Choir As One of the Best Choirs in Owerri Archdiocese
    3 weeks ago
    Lagos Tourism Ministry Visits Heritage Sites For Inventory, Documentation
    4 weeks ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    1 week ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    1 week ago
    Bank of Agriculture
    How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA
    2 weeks ago
    Nexim Bank Boss To Engage Young Nigerians With Non-oil Export Opportunities For Wealth Creation At Breakfast Session
    3 weeks ago
    ₦46B in pre-launch transactions.
    After ₦46B Pre-launch Transactions, Fidelity Bank Unveils PAPSS In Nigeria
    1 month 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
    2 years ago
    US Govt Must Heed Lessons Of PEPFAR – AIDS Society Warns
    2 years ago
    Latest News
    CAPPA Commends FG Health Tax Policy, Renews Call for Higher Sugary Drinks Excise Duty
    1 week ago
    Jubilation In Ebonyi As FG, State Govt Activate MAMII To Safe Pregnant Women And Babies
    1 week ago
    Abakaliki Agog As MAMII Train Enters Ebonyi State
    2 weeks ago
    LASU Professor Wins Distinguished Meritorious Obstetrics and Gynecological ICON Award
    2 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

SP Abimbola Olabisi Appointed As New Lagos PPRO

At Polish-Nigerian Economic Forum, Lagos Makes Case For Partnership, Trade Investments

798 Pensioners Paid N1.52B In Lagos State

Unlock Your Potential: NEXIM MD Inspires Nigerian Youth To Pursue Their Passions, Highlighting Opportunities In Non-oil Value Chains

Gov Okpebholo Rescues Over 10 Accident Victims On Benin–Auchi Highway

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?