Abuja: The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, has revealed ambitious plans for her ministry to contribute $100 billion to the Nigerian economy by 2030. Musawa made this announcement while addressing State House Correspondents after the sixth Federal Executive Council (FEC) meeting of the year.
According to News Agency of Nigeria, a key component of this plan involves monetising Nigeria's tangible and intangible assets within the creative, cultural, and tourism sectors. The FEC has approved a memo to facilitate this initiative, aimed at generating a new revenue stream through the strategic utilisation of the country's assets.
Musawa outlined the ministry's commitment to fostering economic growth by establishing a robust framework that allows the industry to develop organically. "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 stated.
In addition to economic growth, the ministry aims to tackle unemployment by creating at least two million jobs by 2027 within the sector. An integral part of this strategy involves a Memorandum of Understanding signed with Moby, an international museum collection agency, to monetise Nigeria's artifacts, historical monuments, and landmarks.
Musawa emphasized the strategic approach to monetisation, noting that the process will unfold in four separate stages. "We've already finished that specific process. Now, it is for us and Moby to sit down to now monetise them," she said, highlighting the potential for cultural and economic expansion without adding undue economic pressure.
The initiative marks a significant step towards leveraging Nigeria's cultural heritage to boost the economy and create job opportunities, reflecting an innovative approach to national development.