Stakeholders in Abuja have suggested that Nigeria’s struggling economy could receive a significant boost if the Federal Government takes advantage of the opportunities in the creative industry and passes the Creative Industries Development Bill into law. This is despite a revenue crunch and declining oil revenue.
With the involvement of the Presidency, the stakeholders are adamant that, given the proper framework and conducive environment, Nigeria’s creative industry could become a significant source of foreign direct investment, creating jobs for millions of Nigerians, particularly young people, and maximizing the potential of the hospitality, aviation, tourism, and other related sectors.
The stakeholders, who gathered at a development event, observed that the commercial side of the arts needed to be unlocked and that doing so would support diversity and inclusivity in the arts as well as the country’s economy.
The government is working to create a platform for the creative industry to thrive in order to improve the performance of other sectors of the economy, according to Felix Alaita, Senior Special Assistant to President Muhammadu Buhari on Country Risk Assessment and Evaluation. He made this statement during a speech at the event.
Alaita pointed out that the action will close the gap between Nigeria’s creative industries and governments, creating a thriving, lucrative, and quickly expanding creative economy with a solid institutional, legal, and regulatory foundation.
He claims that the creative sector is vital to Nigeria’s economy and is important for fostering innovation, job growth, and cultural expression.
“In today’s rapidly changing world, it is more important than ever to support these industries to ensure that Nigeria continues to be at the forefront of growth.
“This project has been in the planning for over two years now and has now reached the validation phase where a physical meeting of ministries, departments or agencies have commenced in conjunction with industry stakeholders,” he said.
The Nigerian creative sector and the Presidency are working together on the Creative Industry Development Bill project to change the country’s creative sector through regulation and a workable action plan.
The Bill aspires to create a thriving, accommodating creative environment for Nigerian artists.
Chukwuka Chukwuma, a partner at Racecourse Capital, remarked that the industry might surpass several other sectors in the nation and contribute around $15 billion to the economy by 2025.
According to him, Nigeria must establish the necessary conditions and infrastructure to encourage foreign direct investment in the sector.
The sector, according to Chukuma, needs access to finance through the establishment of investment funds and loans, as well as support and tax incentives, such as a value added tax exemption. He emphasized that this would hasten the development of infrastructure and have a multiplier effect.
