The Federal Government has unveiled details of its strategic plans to generate at least $100bn and create over two million jobs from Nigeria’s creative economy yearly.
The Minister of Art, Culture and the Creative Economy, Hannatu Musawa, unveiled the government’s plan on Wednesday at a roundtable for local and international investors where she presented her ministry’s eight-point plan and roadmap in Ikoyi, Lagos.
Musawa lamented that despite its huge potential, Nigeria’s creative industry currently contributes just $5bn to the economy, with its different sub-sectors at various stages of development.
She said statistics from the National Bureau of Statistics indicated that Nigeria’s creative economy has a very low contribution to overall GDP in comparison with benchmark countries, with the industry contributing just 1.2 per cent to Nigeria’s GDP in 2022, the least when compared to other African countries like Morocco (2.7 per cent), South Africa (3.0 per cent), and Egypt (4.3 per cent).
Also, she noted that Nigeria ranked low (1.0 per cent) in its ability to earn government revenue from the sector, compared to South Africa’s 12.5 per cent.
