Federal Government Plans to Revolutionize Nigeria’s Creative and Tourism Industries
In a groundbreaking move, the Federal Executive Council (FEC) recently approved the establishment of the Creative and Tourism Infrastructure Corporation. This initiative, spearheaded by the Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, is set to revolutionise Nigeria’s creative and tourism sectors by developing critical infrastructure.
The corporation aims to develop critical infrastructure for Nigeria’s creative and tourism industries.
Speaking to State House correspondents following the FEC meeting on Monday, Musawa clarified that the approval was granted under a Public-Private Partnership (PPP) arrangement.
She described the initiative as transformative, aiming to elevate Nigeria’s creative and tourism industries by unlocking their immense potential for economic growth.
Her statement reads, “The establishment of the Creative and Tourism Infrastructure Corporation is a special-purpose vehicle under a PPP framework that will enable us to identify, deploy, and finance critical infrastructure needs within the creative industry,” the Minister said.
She highlighted that the corporation’s objective was to provide the infrastructure necessary to generate at least 100 billion dollars, increase the country’s GDP, and create at least two million jobs for Nigerian youth.
Musawa emphasised the importance of developing world-class infrastructure, attracting investment, nurturing talent and innovation, and promoting Nigeria’s cultural heritage as a tool for national growth.
“The funding allocated to the corporation will be used to develop key projects, including the Obudu Ranch, Yankari Game Reserve, and the Abuja Creative City.
“Additionally, the corporation will focus on establishing a Creative City at the Wole Soyinka Centre in Lagos, the Centre for African Arts, a Digital Distribution Network, and upgrading the National Gallery.
“We also plan to establish a national museum in Abuja. Imagine the giant of Africa not having a museum in its capital city.
Impact of Creative and Tourism Infrastructure Corporation on Nigeria’s Economy
One of the primary objectives of the Creative and Tourism Infrastructure Corporation is to harness the immense potential of Nigeria’s creative and tourism industries. These sectors have long been recognised for their capacity to drive economic growth and diversification. The corporation aims to elevate these industries and make them key contributors to the country’s Gross Domestic Product (GDP) by developing world-class infrastructure.
Nigerian youths will benefit significantly from the corporation’s initiatives. Developing critical infrastructure will create numerous job opportunities, directly addressing the high unemployment rates among the nation’s young population. The corporation aims to generate at least two million jobs, provide financial stability for many families and empower the youth to contribute actively to the economy.
Establishing the Creative and Tourism Infrastructure Corporation is expected to attract substantial investment from domestic and international sources. The PPP framework allows for collaboration between the government and private sector investors, facilitating the funding of large-scale projects. This influx of investment will further stimulate economic growth as businesses seek to capitalise on the opportunities presented by the corporation’s initiatives.
The corporation’s focus on developing key projects, such as Obudu Ranch, Yankari Game Reserve, and the Abuja Creative City, will provide the necessary infrastructure to support Nigeria’s creative and tourism industries. These projects will enhance the nation’s tourism appeal, drawing visitors from around the globe. Additionally, establishing a Creative City at the Wole Soyinka Centre in Lagos, the Centre for African Arts, a Digital Distribution Network, and upgrading the National Gallery will foster creativity and innovation within the country.
Promoting Nigeria’s rich cultural heritage is one of the corporation’s top priorities. It aims to position the nation as a premier destination for cultural tourism. The development of a national museum in Abuja will serve as a cultural hub, preserving and showcasing Nigeria’s history and traditions. This emphasis on cultural heritage not only enriches the nation’s identity but also attracts tourists, scholars, and art enthusiasts, contributing to the cultural and economic growth of the nation.
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FAQ
1. What is the Creative and Tourism Infrastructure Corporation?
The Creative and Tourism Infrastructure Corporation is a special-purpose entity approved by the Federal Executive Council (FEC) to develop critical infrastructure for Nigeria’s creative and tourism industries. It operates under a Public-Private Partnership (PPP) framework.
2. What is the Creative and Tourism Infrastructure Corporation’s main objective?
The corporation’s main objective is to provide the infrastructure necessary to generate at least $100 billion, increase Nigeria’s GDP, and create at least two million jobs for Nigerian youth.
3. How will the corporation be funded?
The corporation will be funded through a Public-Private Partnership (PPP) arrangement, which involves government and private sector investors collaborating to finance, develop, and manage infrastructure projects.
4. What are the expected outcomes of the corporation’s initiatives?
The expected outcomes include substantial economic growth, a significant increase in Nigeria’s GDP, job creation for at least two million Nigerian youths, and the development of critical infrastructure that will enhance Nigeria’s creative and tourism industries.
