The Minister of Arts, Culture, Tourism and the Creative Economy, Barr. Hannatu Musa Musawa has said that her ministry has secured $200 million commitment from AFREXIM Bank to accelerate building of cultural and creative industries, to be operationalized by June 1, 2025 as parts of efforts to grow the sector.
The Minister who spoke during the Ministerial Press Briefing on Friday in Abuja disclosed of the launch of the Creative Economy Development Fund (CEDF), a landmark initiative approved by the Federal Executive Council to catalyze growth, innovation, and sustainable financing for the country”s creative and cultural industries through; via debt dinancing window offering affordable loans to viable creative businesses.
The initiative according to her will also provide investments in promising creative businesses with high-growth potential through an Equity/Quasi-Equity Window while the ministry is also partnering with Ministry of Finance IncorporatedI (MOFI) to monetize tangible and intangible assets within creative and tourism domainsAndroid cataloging, valuing, and securitizing government assets..
To inspire confidence in the sector, Bar. Musawa revealed strategic collaboration with Federal Inland Revenue Service (FIRS) to enhance tax compliance and revenue collection while fostering growth of the creative economy.
The Minister who commended her predecessor, Ade Lola- John for her efforts in repositioning the sector, highlighted some of her achievements as; establishment of the Creative & Tourism Infrastructure Corporation (CTICo), approved by the Federal Executive Council, with projected investment of $100 billion and potential to create over two million jobs; partnership with Creative Park Limited to establish Abuja Creative City, a first-of-its-kind creative hub in Africa on 26 hectares of land in the IDU Industrial Area, Abuja; establishment of the Nigerian Academy of Cultural Studies (NACUS) by the National Institute for Cultural Orientation (NICO), with four strategic campuses in Ogbomoso, Calabar, Lagos, and Abuja, offering specialized cultural education programs; launch of the D30 Data Platform, an open-source data initiative developed with BigWin Philanthropy to provide transparent, reliable, and actionable data for Nigeria’s cultural, tourism, and creative economy sectors.
Others are; Creative Leap Acceleration Programme (CLAP) which provides essential resources like funding, creative technology and co-working spaces and promotes innovation via innovation labs and project support;
Renewed Hope Cultural Project’s infrastructure development, including restoration and conservation of historical sites, monuments, palaces, artifacts, and natural attractions, and the establishment of Renewed Hope Cultural Villages across all states of the federation including FCT; launch of a major initiative to renovate Nigeria’s national museums, preserving cultural heritage;
NCAC partnership with Mefa Abuja to develop six state-of-the-art performance venues across Nigeria among others.
She said that the Renewed Hope Cultural Project will create opportunities for rural communities to participate in wealth creation, boosting rural economies through job creation, and positioning rural businesses to tap into both national and international markets.
Her ministry is also collaborating with BigWin Philanthropy to create job opportunities in Nigeria’s creative sector, with the focus on unlocking the demographic dividend.
“We also secured concessionary funding from the French Treasury for creative infrastructure projects in Nigeria, with potential funding expanded from €35 million to €100 million.
Partnership with IHS Nigeria and the National Commission for Museums and Monuments (NCMM) to digitize Nigeria’s cultural heritage, making historical artifacts and artworks accessible through a digital museum.”
Despite these feats, the Minister identified the constraints facing the ministry as funding as many creative projects face difficulties securing adequate funding and distribution.
“Global competition as our creative products must meet high international quality standards to compete globally. Tourism Infrastructure – while we have made progress with facilities like Ikogosi Warm Springs Resort, many tourism sites across the country, we still require significant investment and development and inadequate work tools, lack of utility vehicles,” she lamented.
The Minister concluded by assuring that; “in line with the vision of President Bola Ahmed Tinubu, the Ministry of Arts, Culture, Tourism and the Creative Economy stands at the forefront of Nigeria’s economic diversification strategy, transforming what was once viewed as merely cultural expression into powerful engines of sustainable growth and job creation.
“In just eighteen months, we’ve secured $200 million in investment commitments, established innovative funding mechanisms like the Creative Economy Development Fund, creating infrastructure that will generate over 2 million jobs, and elevating Nigeria’s global cultural standing while encouraging rural communities, women, and youth to participate meaningfully in the creative economy.”
