The Minister of Art, Culture, Tourism, and Creative Economy, Barrister Hannatu Musa Musawa, has urged stakeholders to increase investment in Nigeria’s creative sector to unlock its vast potential for inclusive growth, job creation, and global competitiveness.
Speaking at the 31st Nigerian Economic Summit (NESG) in Abuja on Tuesday, Musawa noted that the creative economy currently contributes about 2.3 percent to the national GDP and provides employment to more than 4.2 million people across various industries.
Highlighting the success stories of Nollywood, the Nigerian fashion industry, and Afrobeats, the Minister said these sectors demonstrate the country’s capacity to become a global creative powerhouse if adequately supported.
‘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,’ Musawa said.
She identified key challenges confronting the sector, including limited access to funding, inadequate infrastructure, and regulatory and policy bottlenecks, while calling on financial institutions to design instruments that cater to the unique needs of the creative industry.
‘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,’ she stated.
Musawa also stressed the need for an enabling regulatory environment that promotes innovation and creativity, assuring stakeholders that her ministry remains committed to driving reforms in policy and governance to strengthen 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,” she concluded.
The workshop, themed ‘Building Productive Sectors: Investing in the Creative Economy,’ brought together key stakeholders, private sector investors, and creative entrepreneurs to explore strategies for harnessing the potential of Nigeria’s creative economy and building a resilient, globally competitive sector.