Minister Woos Investors To Nigeria’s Creative Industry

Minister Woos Investors To Nigeria’s Creative Industry

The Minister of Information and Culture, Alhaji Lai Mohammed, has urged investors to take advantage of the burgeoning opportunities in
the nation’s Creative Industry, which he described as the fastest growing sector of the nation’s economy, in terms of business
opportunities, employment, earnings and entertainment.

The Minister 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, on Thursday.

The Hon. Minister of Information and Culture, Alhaji Lai Mohammed (first from left), with other African Ministers at the 11th Tourism Investment and Business Forum for Africa (Investour) in Madrid, Spain, on Thursday

 

He said the sector currently employs about 1 million people, directly and indirectly, and has the potential to employ millions more, with

the much-needed investment.

”Nollywood, for example, is not just about entertainment. It is also a major driver of economic growth and job creation, especially for
youths and women,” Alhaji Mohammed said. ”With over 2,000 movies produced annually, the opportunities are immense for wealth and job
creation.”

He said though the growth in the area of cinemas, for example, has been impressive, it is yet a tip of the iceberg.

”In 2014, Nigeria had just 23 cinemas, 100 screens and three digital platforms. By 2018-2019, the cinemas have grown to 51, the screens to 184 and the digital platforms to five. Now, 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,” the Minister said.

The Hon. Minister of Information and Culture, Alhaji Lai Mohammed (Fourth from right), serving as a panellist at the 11th
Tourism Investment and Business Forum for Africa (Investour) in Madrid, Spain, on Thursday

He said the potential impact of such growth includes the creation of additional 1 million jobs and a GDP growth
contribution of 3 to 5 per cent.

Alhaji Mohammed, who served as a panellist at the event, said the nation also boasts of a very vibrant and popular music industry which
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, noting 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.

In the area 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 a rich food diversity, Nigeria could also leverage on gastronomy to grow its tourism and create job, especially for women
who, he said, dominate the sector.

”It offers opportunities for communities to integrate tourism and local food systems in order 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,” Alhaji Mohammed said.

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