FG Markets $100 Billion Creative Economy Growth Plan to Corporate Nigeria: Minister Unveils 8-Point Roadmap for Sectoral Revival

In a bold move aimed at transforming Nigeria’s creative economy into a global powerhouse, the Federal Government has unveiled a comprehensive strategy to generate at least $100 billion annually and create over two million jobs from the creative sector. This ambitious plan was presented by the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa, on Wednesday, September 11, 2024, at a high-profile roundtable with local and international investors in Lagos.

Held at the upscale Wheatbaker Hotel in Ikoyi, Lagos, the event showcased the government’s vision to harness Nigeria’s creative talent and untapped potential. Addressing a room filled with corporate leaders, international partners, and industry stakeholders, Musawa shared her Ministry’s 8-Point Plan designed to propel the sector to new heights. This initiative, she noted, if fully implemented, could bring about unprecedented growth in Nigeria’s creative industries, positioning them as a key contributor to national GDP and global cultural exports.

The 8-Point Plan

Minister Musawa outlined her Ministry’s 8-Point Plan, a strategic roadmap aimed at revamping the creative industry, boosting its economic output, and ensuring its global competitiveness. The key components of the plan include:

1. Nigeria Destination 2023 – A national initiative to unify efforts in growing the arts, culture, and creative economy under one cohesive vision.
2. Skills Development – A focus on enhancing skills and capacity within the industry through training and education.
3. Fastrack Policy Frameworks – Streamlining policies to encourage growth and sustainability in the creative sector.
4. Strategy Governance and Collaboration – Establishing strong governance models and fostering collaboration among stakeholders.
5. Smart Strategic Partnerships – Building smart alliances both locally and internationally to drive innovation and investment.
6. Growth Targets for GDP Contribution & Sectoral Output – Setting clear goals for the sector’s contribution to the economy and increasing its overall output.
7. Enabling Business Environments – Creating a conducive environment for creative businesses to thrive, including infrastructure and financial support.
8. Cultural Heritage Preservation and Sustainability – Ensuring the protection and sustainability of Nigeria’s rich cultural heritage.

Nigeria’s Creative Economy: Potential vs. Reality

Despite its massive potential, the Nigerian creative industry currently contributes just $5 billion annually to the economy, a figure that pales in comparison to its potential. The various sub-sectors within the industry – ranging from music, visual media, fashion, publishing, to heritage arts – are at different stages of development. However, Musawa highlighted that the overall contribution of the creative industry to Nigeria’s GDP remains relatively low at 1.2%. This is well below countries like South Africa (3.0%), Egypt (4.3%), and even Morocco (2.7%).

According to data from the National Bureau of Statistics, the sector also underperforms in terms of its contribution to government revenue. While countries like South Africa generate over 12.5% of their public revenues from the creative industries, Nigeria lags significantly, contributing just 1.0%.

Minister Musawa expressed her determination to reverse this trend, stating, “Nigeria’s creative economy is a sleeping giant. With the right policies, infrastructure, and partnerships, we can increase its output by over 400% by 2027. Our vision is to position Nigeria as a global leader in creativity, innovation, and cultural export.”

Driving Growth Through Strategic Initiatives

To achieve its ambitious goals, the Ministry of Art, Culture, and the Creative Economy has identified 14 pivotal initiatives, grouped under four main pillars. These initiatives aim to accelerate the sector’s growth, enhance its contribution to GDP, and increase government revenue by up to $20 billion annually.

1. Technology

The Ministry plans to introduce a digital content creation tool accessibility program, making digital tools more affordable and accessible to Nigerian creatives. Other key initiatives under this pillar include launching a national content distribution platform to ensure wider dissemination of Nigerian content and expanding internet access to underserved areas to boost digital content creation.

2. Infrastructure and Funding

Musawa emphasized the importance of building infrastructure and securing funding to support the industry. The government intends to catalog existing arts infrastructure, develop new facilities, and leverage public-private partnerships for financing. Additionally, the Ministry will offer incentives to encourage investment and establish a creative accelerator program that provides capital and capacity-building for emerging creative businesses.

3. International Culture Promotion

This pillar focuses on promoting Nigerian culture on a global stage. Plans include setting up cultural promotion offices in Nigerian embassies abroad and leveraging the African Continental Free Trade Area (AfCFTA) to export Nigerian creative output regionally and globally.

4. Intellectual Property Monetization

To protect and profit from Nigerian creativity, the Ministry will establish globally standardized Collection Management Organizations (CMOs), launch copyright enforcement initiatives in partnership with the Nigerian Communications Commission (NCC), and ensure compliance with international standards. Intellectual property licensing frameworks will also be developed to safeguard the intellectual property rights of Nigerian creators.

A Vision for the Future

Minister Musawa’s roadmap is not just theoretical; she provided details of ongoing projects and initiatives aimed at realizing this vision. Among these are the Creative Leap Acceleration Program, an initiative to accelerate growth in the creative industry; CultRise, an infrastructure development project; and Origins, a data management initiative designed to collect and analyze key information about the sector.

She also spoke about several infrastructure projects in the pipeline, including the Digital & Immersive Art Centre, the Renewed Hope Creative City at the Wole Soyinka Centre, an Arts Village in Abuja, and plans to establish Creative Hubs in all 36 states of the federation.

Partnering for Success

In her closing remarks, Musawa announced that the Ministry had entered into a transformative partnership with BigWin Philanthropy, an international development partner, to deliver a job creation and capacity-building strategy. This partnership aims to empower millions of Nigerians through skills development and entrepreneurship opportunities in the creative industry.

The event also featured a panel session with key figures from the Ministry, including the Director-General of the National Council for Arts and Culture, Obi Azika, and the Managing Director of the Nigerian Film Corporation, Aliyu Nuhu.

As the government’s ambitious plans begin to unfold, Nigeria’s creative economy stands on the brink of a revolution – one that could reshape not only the cultural landscape but also the country’s economic fortunes.