FG unveils plan to generate $100bn, create 2m jobs from creative economy
By Abimbola Mohammed
The Federal Government has announced an ambitious plan to generate at least $100 billion and create over two million jobs annually from Nigeria’s creative economy.
The plan, unveiled by the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa, aims to tap into the vast potential of the sector, which currently contributes just $5 billion to the economy.
The eight-point plan, presented at a roundtable for local and international investors, includes initiatives such as Nigeria Destination 2023, skills development, fast-tracked policy frameworks, and strategic partnerships.
The minister identified 14 pivotal initiatives to drive sector growth and boost government revenue by $10-$20 billion. These initiatives are grouped under four pillars: technology, infrastructure and funding, international culture promotion, and intellectual property monetization.
The plan aims to address the sector’s low contribution to GDP and government revenue, currently at 1.2% and 1.0%, respectively, compared to other African countries.
The minister highlighted the importance of technology in driving the sector’s growth, announcing plans to launch a digital content creation tool accessibility program, a Nigeria content distribution initiative, and a study to estimate the size of the creative industry in Nigeria.
Other initiatives include expanding internet accessibility in underserved regions, international culture promotion, and intellectual property monetization.
Musa Musawa expressed confidence that the plan, if fully implemented, can achieve the ambitious targets of generating $100 billion and creating over two million jobs.
Nigeria’s creative economy has immense potential, with various sub-sectors such as music, visual media, visual arts, heritage, culinary arts, fashion, publishing, and video gaming.
However, the sector faces challenges, including inadequate infrastructure, funding, and policy frameworks. The government’s plan aims to address these challenges and unlock the sector’s full potential, contributing significantly to Nigeria’s GDP and revenue.
Stakeholders in the creative industry have welcomed the government’s initiative, expressing optimism about the sector’s future.
RECOMMENDED ARTICLES
Comment
No comments found.