Economy

FG unveils $100bn creative economy growth plan, target 2m jobs

Published

2 years ago

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.

Injuries, male colleagues’ attitude almost made me quit welding – Zainab Giwa, Yaba Tech graduate0:00 / 1:00

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.

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.