Musawa: We’re Facilitating $100bn Investment Opportunities for Culture, Creative Industry Players

Emmanuel Addeh in Abuja

Minister of Arts, Culture and Creative Economy, Hannatu Musawa, has explained that the ministry is creating opportunities in the creative and cultural economy value chain through policies that make the business environment conducive.

Musawa, in an interview with journalists, said the current administration was intentional about ensuring a large chunk of the global market share of over $1 trillion came into Nigeria’s creative industry. He said this was in line with the renewed hope agenda of the current administration.

“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 pool for players in the creative eco-system,” she said.

The minister said her ministry had partnered “BigWin philanthropy”, a major international development partner, to deliver a transformative job creation and industry strategy.

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

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

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

She disclosed that the ministry was 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 the $3.4 billion African market.

The minister also affirmed ongoing partnerships with critical creative economy eco-system developers, such as the Bank of Industry (BoI), to ensure the growth of the sector.

She added, “As a body that primarily supports the enabling of the private sector, the ministry’s relationship with the BoI will be critical in developing the creative economy by providing incentives, resources and support to attract and retain investments in the creative industries.”

According to the minister, the revitalisation of the National Theatre and transformation of its surrounding areas are enhancing the creative industry’s eco-system and facilitating opportunities in performance spaces, exhibition centres, creative hubs, and recreational centres.

She stated that the revitalisation would create opportunities for thousands of Nigerians in the creative industry’s value chain.

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