Nigeria’s creative economy poised for global impact, Musawa tells US-Nigeria Council

The Minister of Art, Culture, and the Creative Economy, Barrister Hannatu Musa Musawa, at the US-Nigeria Council Event on Wednesday, in New York, showcased the nation’s thriving creative sector and its vast potential for global collaboration.

The S.A. on Media and Publicity to the Minister, Nneka Ikem Anibeze, in a statement indicated that Nigeria’s creative economy currently contributes $5.6 billion to the nation’s GDP, reflecting its rich heritage and vibrant spirit.

The Minister highlighted initiatives like CLAP (Creative Leap Accelerator Programme) and CultuRise, aimed at amplifying Nigeria’s global presence in the creative industries.

Musawa emphasized the importance of US-Nigeria collaboration in key areas, including knowledge exchange, infrastructure development, intellectual property protection, and joint promotions.

According to her, “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.