FG Unveils $100bn Creative Economy Growth Plan, Target 2m Jobs

The Federal Government has launched an eight-point plan to generate at least $100 billion and create over two million jobs from Nigeria’s creative economy yearly.

The plan, unveiled by the Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa, at a roundtable for local and international investors in Lagos, has the potential to grow Nigeria’s creative economy by 400% by 2027, positioning the sector to leapfrog in the long term.

According to the Minister, the 8-Point Plan and Roadmap include initiatives such as skills development, policy frameworks, governance, and collaboration, smart strategic partnerships, growth targets, enabling business environments, cultural heritage preservation, and sustainability.

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She lamented that despite Nigeria’s creative industry’s huge potential, it currently contributes just $5 billion to the economy, with its different sub-sectors at various stages of development.

To achieve this plan, the ministry identified 14 pivotal initiatives that will drive the sector’s growth and boost government revenue by $10b – $20b. These initiatives are grouped under four unique pillars: Technology, Infrastructure and Funding, International Culture Promotion, and Intellectual Property Monetisation.