The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, says the ministry will contribute $100 billion to the Nigerian economy by 2030.
Musawa said this on Wednesday while briefing State House Correspondents at the end of the year’s sixth Federal Executive Council (FEC) meeting.
According to the News Agency of Nigeria, she said the FEC approved a memo seeking to monetise Nigeria’s tangible and intangible assets in the creative, cultural, and tourism industries.
National Theatre, Nigeria, Iganmu, Surulere, Lagos
She said this would enable her ministry to create a new revenue stream that had never been done before, using the country’s assets to grow the economy.
“Our ministry has committed to contributing and growing the economy by $100 billion by 2030, and we hope to do that by putting all the modalities in place that will allow the industry to grow organically on its own.
“We also want to address unemployment by creating jobs. We will create at least two million jobs by 2027 within this industry,” said Musawa.
She said the ministry had signed a Memorandum of Understanding with Moby, an international museum collection agency, to monetise the country’s artefacts, historical monuments and landmarks.
“So, the strategy for this monetisation will take four separate processes. We’ve already finished that specific process. Now, it is for Moby and us to monetise them.
“It is an exciting time for Nigerian identity, for our traditions, for our culture, whereby we use what we have to expand in a way that does not put more pressure on us economically,” said Musawa.
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The ministry plans to monetise Nigeria’s tangible and intangible cultural assets, such as artefacts, monuments, traditional fabrics, native languages, folklore, and local cuisine, by partnering with agencies like Moby, an international museum collection agency, and collaborating with the Ministry of Finance Incorporated to securitise these assets.
According to Musawa, the ministry targets creating at least two million jobs in the creative and tourism sectors by 2027, focusing on youth employment and economic diversification away from oil dependency.
She further disclosed that a Creative and Tourism Infrastructure Corporation has been established under a PPP framework to invest in and develop critical infrastructure for the creative and tourism industries.
Regarding policy reform and stakeholder collaboration, she said efforts are underway to harmonise tourism regulations, reduce bureaucratic bottlenecks, address taxation challenges in the hospitality sector, and improve state-level coordination through the Council of Tourism Commissioners. The ministry actively engages with industry stakeholders to implement innovative action plans that support sector growth.
The Nigerian government is working with banks and financial institutions to foster intellectual property monetisation. This will enable creatives and entrepreneurs to access financing and scale their businesses, further boosting economic contributions from the creative economy.
FAQs
How will Nigeria’s creative and tourism sectors contribute $100 billion to the economy by 2030?
The government is monetising cultural assets, developing infrastructure, and fostering industry growth through policy reforms, private partnerships, and financial support for creatives and entrepreneurs.
What types of cultural assets will be monetised?
Assets include artefacts, historical monuments, traditional fabrics, native languages, folklore, and local cuisine. These will be securitised through collaborations with agencies like Moby and the Ministry of Finance Incorporated.
How does the Nigerian government plan to create two million jobs by 2027?
Investments in tourism infrastructure, support for creatives, intellectual property monetisation, and expanding employment opportunities in cultural industries will drive job creation.
What policy changes are being made to boost the creative and tourism sectors?
The ministry is harmonising tourism regulations, reducing bureaucratic bottlenecks, tackling taxation challenges in hospitality, and strengthening state-level coordination.
How will the Creative and Tourism Infrastructure Corporation support the industry?
The corporation will invest in key projects such as museums, performance spaces, heritage sites, and tourism hubs to attract visitors and stimulate economic growth.
What financial support is available for creatives and entrepreneurs?
The government is working with banks and financial institutions to enable intellectual property monetisation, giving businesses access to funding for scaling operations.
How will intellectual property monetisation benefit the creative economy?
By allowing creatives to use their intellectual property as collateral, they can secure investments and financing to expand their enterprises.