FG Unveils $100bn Plan to Transform Creative Economy

The Federal Government has introduced an ambitious $100 billion plan to invigorate Nigeria’s creative economy, with a goal of generating over two million jobs annually.

The detailed strategy was unveiled by the Minister of Art, Culture and the Creative Economy, Hannatu Musawa, at an investor roundtable held in Lagos.

Creative Industry To Contribute $100bn To Nigeria’s Economy By 2030 –  Minister

Musawa outlined the government’s eight-point plan and roadmap, which aims to unlock the sector’s vast potential. The plan focuses on eight critical areas: a unified national initiative to elevate the arts, culture, and creative industries under a single vision; enhancing the capabilities of Nigerian creatives through targeted training programmes and implementing supportive and efficient policies to foster industry growth.

Others are strengthening governance and collaboration among key stakeholders; Forming strategic alliances to drive innovation and expansion; Setting ambitious targets to boost the sector’s contribution to GDP; Creating favorable conditions for business success and ensuring the protection and promotion of Nigeria’s rich cultural heritage.

Currently, Nigeria’s creative industry contributes just $5 billion annually to the economy, representing a mere 1.2% of the GDP in 2022. This is relatively low compared to benchmark countries such as Morocco (2.7%), South Africa (3.0%), and Egypt (4.3%). Additionally, the sector’s contribution to government revenue is significantly less than in South Africa, where it stands at 12.5%.

To overcome these challenges, Musawa highlighted 14 key initiatives organized into four main pillars

Musawa projected a 400% growth in the creative economy by 2027, positioning it as a significant contributor to Nigeria’s economic development. She highlighted several ongoing initiatives, including the Creative Leap Acceleration Program, CultRise, and Origins, which are focused on infrastructure development and data management.

Infrastructure projects in the pipeline include the Digital & Immersive Art Centre, the Renewed Hope Creative City at the Wole Soyinka Centre, Arts Village in Abuja, and Creative Hubs across Nigeria’s 36 states.

To support job creation, the Ministry has partnered with BigWin Philanthropy to implement a transformative capacity-building and job creation strategy. The roundtable featured a panel discussion with prominent officials, including Obi Azika, Director-General of the National Council for Arts and Culture; Faiz Imam, Principal Adviser to the Minister; and Aliyu Nuhu, Managing Director of the Nigerian Film Corporation.

The strategic plan represents a significant step toward unlocking the full potential of Nigeria’s creative sector, driving economic growth, and creating a dynamic and sustainable industry.