Stakeholders Advocate Increased Investments In Creative Industry

Folashade Adeniran
Sep, Fri, 2024

Economy/Business

Stakeholders advocate increased investments in creative industry

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By Rukayat Moisemhe

Stakeholders have called for increased investments in skills development, infrastructure and creative enterprises for Nigeria to fully harness the potential of its creative economy.

The stakeholders made the call at the American Business Council (ABC) Creative Investment Forum with the theme: “Innovation Meets Imagination”.

The event took place on Thursday in Lagos.

Mr Fegho Umunubo, Special Assistant to the President on Digital and Creative Economy, said that the country’s creative industry had immense potential to drive employment and economic development.

Umunubo said that in spite of the industry’s current contribution of $5 billion to the economy, it was poised for more expansion, with its various sub-sectors at different stages of development.

He said that sustained inclusive growth in the country’s creative industry could be achieved through collaborative efforts and strategic partnerships among key players.

The special adviser said that the Federal Government had a strategic focus on driving human capital development, providing essential infrastructure, and facilitating access to finance within the creative ecosystem.

“Recognising the paramount significance of access to finance as a pivotal challenge for the creative industry, the government successfully established the N5 billion Creative Fund in partnership with Providus Bank, dedicated to supporting creatives in Nigeria.

“N1.5 billion has already been disbursed to some creatives in the first batch, and we are currently vetting applications in the second batch.

“As the sector continues to evolve and flourish, it is crucial to foster an enabling environment that supports the creative talents and entrepreneurial endeavours of the Nigerian youth.

“Our office remains steadfast in our commitment to driving and supporting initiatives that support diversification through creative arts, digitisation and innovation,” he said.

Melissa Jones, Mission Director, United States Agency for International Development (USAID), said that the Nigerian creative industry was not just a source of cultural expression but also a significant driver of economic growth, innovation and job creation.

Jones represented by USAID Nigeria Senior Trade and Investment Adviser, Evelyn Ayivor, noted that globally, the creative economy was valued at over $2.25 trillion, contributing to more than 30 million jobs.

She said that Nigeria, with a rich pool of talents and unique cultural heritage, was well-positioned to become a major player in the global economy.

“Whether it is the global influence of Nollywood, the worldwide impact of Afrobeats, or the vibrant fashion and visual arts scene, Nigerian creativity already commands attention on the world stage.

“However, we all know that to fully unlock the potential of this sector, we must address critical challenges that still hinder growth,” the official said.

She identified the challenges to include lack of access to financing, gaps in infrastructure, inadequate intellectual property protection, and inadequate trained professionals across the creative value chain.

“At USAID, we firmly believe that investing in Nigeria’s creative sector is an investment in the country’s future as the creative economy has the potential to be one of Nigeria’s strongest growth engines, capable of generating employment, fostering innovation, and shaping the nation’s global identity,” she said.

Jones also reiterated the agency’s commitment to supporting initiatives that could harness technology and help creatives to protect and monetise their intellectual property.

She said that USAID would work alongside investors, governments, entrepreneurs, and creatives to unlock the full potential of Nigeria’s creative economy.

Mrs Margaret Olele, Chief Executive Officer, American Business Council, said that Nigeria was a creative hub with much opportunities.

According to Olele, what is lacking is a clear understanding of investment opportunities and a one-stop shop and marketplace to match investors with investees to drive the investment ecosystem.

“The creative sector is almost like the new oil in Nigeria with the ability to derive influences from around the world.

“There are loads of funds but people do not know how to access and harness them for Nigeria to ramp up its economy through this industry.

“At ABC, we are trying to see where these investments are, to help present a more cohesive outlook towards investment and funding for the creative ecosystem.

“We urge government to continue to provide funding support and create policies to attract potential investors to the sector,” she said. (NAN)

Edited by Ijeoma Popoola

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