CREATIVE ECONOMY: MUSAWA CALLS FOR INCREASED INVESTMENT IN NIGERIA'S CREATIVE ECONOMY

The Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, has called on stakeholders to increase investment in the country's creative sector. 

Speaking at the 31st Nigerian Economic Summit in Abuja on Tuesday, Minister Musawa emphasized the sector's potential to drive inclusive growth, generate employment, and enhance global competitiveness.

She said that recent statistics show that the creative economy in Nigeria currently contributes approximately 2.3% to the national GDP and employs over 4.2 million people across various sectors. 

Musawa highlighted the sector's growth potential, citing the success of Nollywood, the Nigerian fashion industry, and the Afrobeats music genre.

"We must create an environment that attracts both local and international investors to our creative industries. This requires not only financial incentives but also a strong regulatory framework that ensures transparency, accountability, and ease of doing business," Minister Musawa said.

The Minister also identified challenges facing the sector, including limited access to funding, inadequate infrastructure, and regulatory and policy challenges. She urged financial institutions to develop financial instruments tailored to the unique needs of the creative sector and called for increased investment in infrastructure and skills development.

"I urge those present who represent the formal financial sector, to start to make considerations for the unique nature of our sector and its products," the Minister stated.

Musawa emphasized the need for a supportive and enabling regulatory environment that fosters innovation and creativity. She assured stakeholders that the ministry would continue to drive changes in regulatory and policy frameworks to support the industry.

“Together, we can build a future where creativity and innovation drive sustainable economic growth and cultural prosperity for Nigeria. As Omoyemi Akerele, Founder and CEO of Lagos Fashion Week and Style House Files, once said, 'The creative economy is not just about entertainment; it's about creating a sustainable ecosystem that empowers our talents and showcases our rich cultural heritage to the world,'" Minister Musawa concluded.

The workshop, themed "Building Productive Sectors: Investing in the Creative Economy," brought together key stakeholders, private sector investors, and creative entrepreneurs to discuss ways to harness the potential of the creative economy and build a robust and productive sector.