The Federal Authorities has unveiled particulars of its strategic plans to generate at the very least $100bn and create over two million jobs from Nigeria’s artistic financial system yearly.
The Minister of Artwork, Tradition and the Inventive Economic system, Hannatu Musawa, unveiled the federal government’s plan on Wednesday at a roundtable for native and worldwide buyers the place she offered her ministry’s eight-point plan and roadmap in Ikoyi, Lagos.
Musawa lamented that regardless of its enormous potential, Nigeria’s artistic business at the moment contributes simply $5bn to the financial system, with its totally different sub-sectors at varied levels of improvement.
She stated statistics from the Nationwide Bureau of Statistics indicated that Nigeria’s artistic financial system has a really low contribution to total GDP as compared with benchmark international locations, with the business contributing simply 1.2 per cent to Nigeria’s GDP in 2022, the least when in comparison with different African international locations like Morocco (2.7 per cent), South Africa (3.0 per cent), and Egypt (4.3 per cent).
Additionally, she famous that Nigeria ranked low (1.0 per cent) in its skill to earn authorities income from the sector, in comparison with South Africa’s 12.5 per cent.
To realize its ambition, Musawa stated, “The ministry has recognized 14 pivotal initiatives that can drive the sector’s progress and considerably increase authorities income $10bn – $20bn.”
She grouped these initiatives beneath 4 distinctive pillars, which embody know-how, infrastructure and funding, worldwide tradition promotion, and mental property monetisation.
The minister outlined plans to supply Nigerian creatives with improved and discounted digital instruments, launch the Nigeria Content material Distribution Initiative, conduct a research to measurement the artistic business and increase web entry in underserved areas to help these initiatives.
For infrastructure and funding, she stated this entails cataloguing present infrastructure for the Arts, Tradition and Inventive Economic system and its present state, growing the suitable infrastructure wanted for the business and leveraging public-private partnerships to fund improvement, offering incentives to stakeholders within the artistic financial system to spice up funding and adoption of strategic initiatives, and launching a artistic accelerator program to supply capital, and capability constructing to artistic firms.
Below worldwide tradition promotion, Musawa stated, “The ministry will set up a tradition promotion workplace collaborating with Nigerian embassies overseas, to advertise Nigerian arts, tradition and artistic financial system, and leverage AFCTA to spice up Nigerian artistic output export regionally and globally.”
For mental property monetisation, Musawa stated the ministry would search to ascertain globally standardised assortment administration organisations for many of the sectors, launch a copyright oversight initiative in partnership with the Nigeria Communications Fee to reinforce monitoring, monitoring, and enforcement of copyright requirements.
In accordance with Musawa, it’s going to additionally develop and implement the mental property framework and operationalise Nigeria’s IP licencing framework.
Musawa stated, “Nigeria’s artistic financial system has the potential to develop by 400 per cent by 2027, positioning the sector to leapfrog in the long run and ship the imaginative and prescient for the sector.”
She additional revealed that the Ministry has already created a number of initiatives and entered collaborations in the direction of the realisation of its set objectives.