The Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, on Monday announced that the ministry would contribute $100 billion to the Nigerian economy by 2030.
Musawa said this while speaking with State House Correspondents at the end of the sixth Federal Executive Council (FEC) meeting on Monday.
“Our ministry has committed to contributing and growing the economy by $100 billion by 2030, and we hope to do that by putting all the modalities in place that will allow the industry to grow organically on its own,” she stated.
New Revenue Stream
The minister told journalists that a memo seeking to monetize Nigeria’s tangible and intangible assets in both the creative, cultural, and tourism industry was approved by the FEC.
- She stressed that the development would enable her ministry to create a new revenue stream that had never been done before, using the country’s assets to grow the economy.
“We also want to address unemployment by creating jobs. We are going to create at least two million jobs by 2027 within this industry,” Musawa said.
- According to her, the Ministry had signed a Memorandum of Understanding with MOFI to monetise the country’s artifacts, historical monuments, and landmarks.
“So, the strategy for this monetisation is going to take four separate processes. We’ve already finished that specific process. Now, it is for us and MOFI to sit down to monetise them, ” she added.
The minister highlighted that the development is an exciting economic time for Nigerian identity, traditions, and culture.
What you should know
Nigeria’s creative industry has grown significantly in recent years, mainly powered by music (Afrobeat) and movies (Nollywood).
- Nigerian music artists have seen their songs top charts across the world, raking in billions in online streams.
- Additionally, the Nigerian movie industry (Nollywood) has become the second most productive movie industry globally, only behind India’s Bollywood in terms of movies produced yearly.
The growth in the creative industry in recent times is fueled by Nigeria’s large young population and the multicultural setting of the nation.
With over 70% of its 210 million population under 30 years old and about 250 tribes speaking 500 languages, Nigeria is a melting pot of cultures, creating the perfect environment for creativity to thrive.
In September 2024, Musawa presented the ministry’s Strategic Roadmap for Nigeria’s creative sector to the diplomatic community and international partners, with the goal of creating at least two million jobs.
