Nigeria’s Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, has highlighted the country’s thriving creative sector and its potential for international growth.
Speaking while addressing the US-Nigeria Council Event in New York,
Musawa disclosed that the creative economy currently is contributing $5.6b to Nigeria’s GDP, with ambitious plans to expand the figure to $20 billion by 2027.
Special adviser to the minister on media and publicity Dr. Nneka Ikem Anibeze quoted the minister to have mentioned that key initiatives like the Creative Leap Accelerator Programme (CLAP) and CultuRise are driving efforts to elevate Nigeria’s global presence.
Musawa also announced the establishment of the $500 million Creative Economy Development Fund (CEDF) to provide affordable financing and technical support to creative startups and small businesses.
She emphasized the importance of US-Nigeria collaboration in areas such as knowledge exchange, infrastructure development, and intellectual property protection, urging American partners to invest in Nigeria’s burgeoning creative sector.
The statement reads,
“One key area where we can deepen US-Nigeria collaboration is through knowledge exchange and capacity building. By establishing partnerships between our universities, training centers, and creative organizations, we can share best practices, develop innovative curricula, and equip our artists with the skills they need to succeed in the global marketplace. Our CLAP initiative aims to drive these meaningful partnerships”.
To support the growth of Nigeria’s creative sector, the Minister announced the establishment of the Creative Economy Development Fund (CEDF), a $500 million fund providing affordable financing to creative businesses and entrepreneurs.
“The CEDF $500 million fund will offer loans at concessionary interest rates, with a focus on supporting startups, small businesses, and underserved segments of the creative economy. “The CEDF will also provide technical assistance and capacity building to help creative businesses become investment-ready and access markets. We invite our American partners to contribute to the CEDF and help unlock the vast potential of Nigeria’s creative talent.
“The potential for US-Nigeria collaboration in the creative industries is immense. Our roadmap and sector strategy provide a comprehensive framework to increase the sector’s GDP from $5.6 billion to $20 billion by 2027, drive government revenue, and position Nigeria as a leader in the global creative economy. “By leveraging our shared strengths, we are creating a vibrant and sustainable creative economy that benefits both our nations.
“We are building bridges between our nations, fostering greater understanding and cooperation. Together, let us create a brighter future for our artists and our peoples”, the Minister said.
