WATCH THE VIDEO HERE 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 Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa, unveiled the government’s plan Wednesday at a roundtable for local and international investors where she presented her ministry’s Plan and Roadmap. Speaking at the event hosted by the Ministry the Minister said that if implemented to its fullest, the plan has the potential to achieve the above-stated objectives. She lamented that despite its huge potential, Nigeria’s creative industry currently contributes just $5 billion to the economy, with its different sub-sectors at various stages of development. 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. She grouped these initiatives under four unique pillars: Technology, Infrastructure and Funding, International Culture Promotion, and Intellectual Property Monetization. “Under International Culture Promotion, the Ministry will 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, the Ministry will seek to establish Globally standardized CMOs (Collection Management Organisations) for most of the sectors, launch a Copyright Oversight Initiative in partnership with the Nigeria 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 operationalize Nigeria’s IP licencing framework,” she said. 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%.
FG unveils plans to generate $100 billion annually from creative economy
