FG Targets $100bn Investment, 2m Jobs From Creative Economy

The Minister of Arts, Culture and Creative Economy, Hannatu Musa Musawa, has disclosed plans to create $100bn investment and 2 million jobs from the creative and cultural sector to revitalise the Nigerian economy.

The minister, in an interview, said the current administration is intentional about ensuring a large chunk of global market share of over $1 trillion dollar comes into Nigeria’s creative industry in line with the renewed hope agenda of the current administration.

Musawa noted that this is feasible with opportunities into the creative and cultural economy value chain through policies enabling a business environment.

“We are currently embarking on public-private partnerships and have signed partnerships with the Nigerian Economic Summit Group (NESG) to accelerate the process of attracting innovative funding pools for players in the creative eco-system,” she said.

The minister also announced partnership with BigWin philanthropy, a major international development partner, to deliver a transformative job creation and industry strategy.

According to the minister, the ministry was drawn to the BigWin partnership because of its achievement in delivering 500,000 Rwandan youths with digital skills and a million sustainable jobs in Cote d’Ivoire.

She further said the ministry is implementing four key components to deliver two million jobs in the creative economy through the BigWin partnerships.

“Firstly, is the job implementation of a job creation strategy that leverages regulatory frameworks, strategic investments, partnerships, and fiscal incentives as the strategy will maximise job creation potentials within,” she said.

She further disclosed that the ministry is currently exploring synergies with Nigeria’s commitments under the African Continental Free Trade Area (AfCTA) and broader economic expansion initiatives to expand Nigeria’s creative opportunities in Africa’s $3.4 billion African market.

The minister also affirmed ongoing partnerships with critical creative economy eco-system developers such as the Bank of Industry.

She added that the revitalisation of the National Theatre and transforming its surrounding areas is enhancing the creative industries eco-system and facilitating opportunities in performance spaces, exhibition wcentres, creative hubs and recreational centers.

She noted that the revitalisation would create opportunities for thousands of Nigerians in the creative industries value chain.

“Artists, performers, entrepreneurs, are already talking to us to explore economic opportunities at the National Theatre,” she stated.