Ex-Minister Woos Global Investors Says Nigeria’s Creative Industry, Goldmine
A former Minister of Information and Culture, Alhaji Lai Mohammed has called on global investors to take advantage of the vast potentials in the Nigeria’s creative industry.
The former minister made the call on Thursday in Germany, at a forum tagged “Giessen Meets The World” organised by the IHK Giessen-Friedberg Chambers of Commerce and Industry. A text of the former Minister’s presentation at the event was made available Abuja.
Mohammed described the nation’s creative sector as “goldmine” and “fast-growing”, stressing its impressive growth trajectory and significant contributions to the nation’s economy. According to him, besides huge employment creation, earnings, and entertainment, the creative industry is contributing immensely to the nation’s Gross Domestic Product (GDP).
Mohammed, who is the Managing Partner of Bruit Costaud, a policy advisory firm, noted that Nigeria’s creative sector spans 24 diverse segments, including fashion, music, film, literature, visual arts, among others.
Citing a research from Jobberman, the former minister said the creative sector is Nigeria’s second-largest employer, with the potential to create an additional 2.7 million jobs by 2025. He elaborated on the sector’s expansive value chain, which according to him, encompassed production, distribution, and marketing, thereby supporting diverse employment opportunities.
“The creative sector serves as a powerful engine for economic growth, contributing substantially to Nigeria’s GDP through the production and distribution of creative goods and services,” Mohammed said. He emphasised how the industry’s value chain created numerous job opportunities, ranging from artists and performers to technicians, marketers, and administrative personnel.
Mohammed also spoke on the profound digital transformation within the industry as well as increasing prevalence of global collaborations and cross-cultural influences.
“The rise of online platforms, streaming services, and digital distribution channels has democratised content creation and distribution. This is making Nollywood films, music, fashion shows, and art exhibitions accessible to a global audience.
“International collaborations in music, film productions, and fashion events have also elevated the industry’s global standing and expanded the global footprint of Nigerian content,” he noted.
Speaking further, the ex-minister cited state-of-the-art film studios, cutting-edge recording facilities, and digital art spaces as key developments that have enhanced production quality and fostered innovation.
He identified Nigeria’s youthful demography, with about 70 per cent of the population being young people, as a driving force behind the industry’s growth. The youth’s engagement with and consumption of creative content continue to drive the industry’s growth,” Mohammed said.
He pointed out that the sector’s viability and rapid growth are evident by high sales records, such as the 2023 success of the film
“The Tribe Called Judah,” which according to him, grossed over N1 billion in less than three months.
Mohammed attributed this success to supportive government policies and reforms, including grants, tax incentives, and the establishment of creative hubs that encouraged entrepreneurship and investment.
Highlighting the lucrative investment opportunities in the sector, Mohammed said, Public-Private Partnerships can address the industry’s infrastructure needs. Nollywood, the world’s second-largest film industry by output, presents opportunities in film production, distribution, and infrastructure development.
“With the globalisation of music consumption and digital platforms, the Nigerian music scene offers investment prospects in production, distribution, and live events. The Nigerian fashion industry is ripe for investment in design, manufacturing, retail, and global export, especially with the growing international focus on African fashion,” he said. Nigeria Gets $2.25bn Loans from World Bank
