In a bold move to boost the Nigerian economy, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, has announced that her ministry aims to contribute a staggering $100 billion to the country’s economy by 2030. This ambitious goal was revealed during a briefing with State House Correspondents at the end of the sixth Federal Executive Council meeting of the year.
The minister explained that this objective will be achieved by monetizing Nigeria’s vast array of tangible and intangible assets in the creative, cultural, and tourism industries. A memo to this effect was recently approved by the Federal Executive Council, paving the way for the creation of a new revenue stream that will utilize the country’s assets to drive economic growth.
According to Musawa, “Our ministry has committed to contributing and growing the economy by $100 billion by 2030, and we hope to do that by putting all the modalities in place that will allow the industry to grow organically on its own.” She also emphasized the ministry’s intention to tackle unemployment by creating jobs, with a target of generating at least two million jobs within the industry by 2027.
To achieve these goals, the Ministry has partnered with Moby, an international museum collection agency, to monetize Nigeria’s rich cultural heritage, including artifacts, historical monuments, and landmarks. The strategy for this monetization process will involve four separate stages, with the first stage already completed. The next step will involve collaborative efforts between the Ministry and Moby to finalize the monetization process.
Musawa expressed her enthusiasm about the project, stating, “It is an exciting time for Nigerian identity, for our traditions, for our culture, whereby we use what we have to expand in a way that does not put more pressure on us economically.” This initiative has the potential to not only boost the Nigerian economy but also promote the country’s rich cultural heritage on the global stage. With careful planning and execution, the ministry’s ambitious goals may soon become a reality, ushering in a new era of economic growth and cultural appreciation in Nigeria.
