Lai Mohammed, Nigeria’s Minister of Information and Culture, has urged investors to take advantage of the growing opportunities in the nation’s Creative Industry.
Mohammed described the creative sector as the fastest-growing sector of the country’s economy, in terms of business opportunities, employment, earnings, and entertainment.
He made the pitch at the 11th Tourism Investment and Business Forum for Africa (Investour), which was held on the sidelines of the ongoing International Tourism Trade Fair (FITUR) in Madrid, Spain Thursday, according to a message issued on Friday by Segun Adeyemi, the minister’s Assistant on Media.
The creative sector currently employs about 1 million people, directly and indirectly, and has the potential to employ millions more, with the much-needed investment, the minister said.
”Nollywood, for example, is not just about entertainment,” Mohammed said. “It is also a major driver of economic growth and job creation, especially for youths and women. With over 2,000 movies produced annually, the opportunities are immense for wealth and job creation.”
While the growth in the area of cinemas, for example, has been impressive, it is yet a tip of the iceberg, he told the international audience.
According to the information minister, Nigeria had just 23 cinemas, 100 screens and three digital platforms in 2014. But by 2018 to 2019, the cinemas had grown to 51, the screens to 184, and the digital platforms to five.
“This is just a tip of the iceberg, considering that 6,000 screens and 1,000 cinemas are required to serve the Nigerian population of about 200 million people,” he said.
Describing the potential impact of such growth, he said it includes the creation of an additional 1 million jobs and a GDP growth contribution of 3 to 5 percent.
Mohammed, who joined other foreign officials on a panel discussion, said the nation also boasts of a vibrant and popular music industry that not only reflects her cultural richness but has over the years, translated into international recognition and acceptance.
”The Nigeria music revenue grew from about $36 million in 2014 to $53 million in 2018 and is projected to hit $86 million in 2021, making it the biggest in the region,” he said,
He further noted that a chunk of the figure comes from digital music consumption—an area of the market which significantly boosted the industry in Nigeria and paved the way for local artists to thrive.
Speaking of fashion, the minister put the earnings at over N4 trillion of Nigeria’s re-based GDP (National Bureau of Statistics, 2018), and described arts and crafts as another growing area of the Creative Industry.
He said with rich food diversity, Nigeria could also leverage gastronomy to grow its tourism and create jobs, especially for women who, (according to Mohammed) dominate the sector.
”It offers opportunities for communities to integrate tourism and local food systems to promote economic activities. Gastronomy tourism contributes positively to many levels of the tourism value chain, such as agriculture and local food manufacturing and provides a platform for the promotion of cultures through their cuisine,” said Mohammed.
