FEC Approves Major Tourism and Creative Industry Overhaul with $100 Billion Target

***Public-Private Partnership to Transform Cultural, Tourism, Creative Sectors

The Federal Executive Council (FEC) has approved the establishment of the Creative and Tourism Infrastructure Corporation (CTIC), a Special Purpose Vehicle (SPV) designed to bridge the infrastructure gap in Nigeria’s tourism and creative industries.

The initiative, spearheaded by the Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, was presented at Monday’s FEC meeting and is positioned to drive economic diversification, job creation, and cultural preservation.
Special Adviser on Media & Publicity to the minister, Dr. Nneka Ikem Anibeze in a statement indicated that the
CTIC will operate under a public-private partnership model, attracting local and international investors to fund and develop world-class infrastructure that supports the creative sector.
The goal is to generate $100 billion for the Nigerian economy and create 2 million jobs, aligning with Presidential Priority 7 on economic diversification.
Key Features of CTIC according to the statement included Strategic Partnerships by Engaging AFREXIM, IFC, World Bank, AfDB, AFD, EU, Ford & Rockefeller Foundations, and UNESCO for funding and expertise.
The other feature according to the statement is Governance Structure whereby the Nigerian Government will hold a 25-49% minority stake through the Ministry of Finance Incorporated (MOFI), ensuring private-sector efficiency and leadership.
The statement listed Flagship Projects to include the rehabilitation of Obudu Resort and Yankari Game Reserve, development of Abuja Creative City and Creation of 5,000 cinema screens nationwide
Others are the Wole Soyinka Creative City in Lagos, Launch of a Centre for African Arts and a New Era for Nigeria’s Creative Economy

Minister Hannatu Musawa emphasized the importance of modern infrastructure in unlocking Nigeria’s full creative potential.

“Everyone recognizes Nigeria’s creativity—our films, music, and fashion dominate globally. But without the right infrastructure, we can’t maximize this potential. Imagine if ‘Detty December’ in Lagos had world-class venues—the economic impact would be exponential.”

The CTIC approval is signal a major shift towards making Nigeria a global hub for tourism, film, music, and cultural heritage, positioning the country as a leading player in the global creative economy.
With FEC’s approval, the government is set to mobilize investors, develop priority projects, and implement innovative financing models to bring this vision to life.