Experts Demand Stronger Investment for Nigeria’s Creative Boom – Unlocking $617 Million

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• Experts at the ABC Investment Forum emphasised the need for a centralised funding platform for investment for Nigeria’s vibrant creative sector, dubbed “Nigeria’s new oil.”
• The $617 million iDICE Fund aims to bridge funding gaps in the creative industry, which currently contributes $5 billion to the economy and employs over 4 million Nigerians.
• Government officials and USAID representatives underscored the potential of Nigeria’s creative sector for economic growth, stressing the importance of investment in skill development and infrastructure.

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Experts Demand Stronger Investment for Nigeria’s Creative Boom”

Industry experts are urging a unified investment strategy to enhance Nigeria’s vibrant creative sector. They argue that a centralised platform for funding opportunities could revolutionise how artists and investors connect.

At the recent American Business Council (ABC) Investment Forum, held during the Africa Creative Market in Lagos, Margret Olele, CEO of the ABC, highlighted the significant potential within Nigeria’s creative industry. “We have many opportunities,” she said, “but there’s a lack of understanding about where to invest.”

Olele emphasised that a cohesive funding strategy could bridge the gap between those seeking funds and those willing to invest. “Nigeria needs a one-stop-shop for investors,” she stated. This platform should highlight potential investment areas such as film, music, book publishing, and research, while also addressing intellectual property and technology development.

“Investment is a major challenge,” Olele continued. “We have funds available, but many do not know how to access them.” She referred to the creative sector as “Nigeria’s new oil,” capable of showcasing the country’s culture globally. As Nigerian music and fashion gain international traction, she believes the economy can flourish through creative endeavours.

The ABC plans to compile expert opinions to share with the Presidency, aiming to shape policies that enhance funding and foster a positive investment climate. Olele expressed hope for improved policies that will stimulate investment in the creative industry.

Fegho Umunubo, special assistant to the president on Digital and Creative Economy, echoed this sentiment. He noted that despite the creative sector contributing $5 billion to the economy, there is still room for growth. “We must unlock the full potential of Nigeria’s creative economy,” Umunubo said, emphasising the need for more investment, innovation, and collaboration.

He pointed out the importance of nurturing young talent. “By investing in skill development and infrastructure, Nigeria can fully harness the transformative power of its creative economy.” Umunubo also highlighted the industry’s impact on employment, stating it currently provides jobs for over 4 million Nigerians, with projections of an additional 2.7 million by 2025.

Umunubo discussed the significance of the newly established $617 million Investment in Digital Economy and Creative Enterprises (iDICE) Fund. “This initiative will be a game changer for the creative industry,” he stated, looking forward to its implementation.

Melissa Jones, mission director of the United States Agency for International Development (USAID), described Nigeria’s creative sector as essential for economic growth and job creation. “Nigeria possesses a wealth of talent and a rich cultural heritage,” she noted. “The country is well-positioned to thrive in the global creative economy, valued at over $2.25 trillion.”

Represented by Evelyn Ayivor, senior trade and investment adviser at USAID Nigeria, Jones acknowledged the global visibility of Nigerian creativity, particularly in Nollywood, Afrobeats, and fashion. “We must address challenges that hinder growth,” she stressed, including financing, infrastructure, and intellectual property protection.

Jones underscored the need to strengthen the creative sector’s capacity to attract sustainable investment. “Investing in Nigeria’s creative sector is an investment in the nation’s future,” she said. The creative economy has the potential to drive employment and shape Nigeria’s identity on the world stage.

Zahrah Audu, technical assistant to the president on Foreign Direct Investment (FDI), pointed out the thriving nature of Nigeria’s creative sector. “Through music, film, and the arts, this industry significantly contributes to our GDP,” she said. According to the African Investment Forum, the sector is projected to attract $1.4 billion by 2025.

Audu reported that from 2015 to 2020, the creative industry attracted $9 million in foreign direct investment, accounting for about 4.5 percent of Nigeria’s total inflow. She reassured stakeholders of the government’s commitment to supporting the creative sector, as evidenced by the launch of the $617 million iDICE Fund.

“This fund aims to provide grants, loans, and equity investments in the creative space,” Audu explained. “It will help local companies address funding gaps and acquire necessary training and equipment.” She urged the industry to seize the opportunities presented by the fund.

Audu praised the creativity of Nigeria’s youth, stating they are setting a powerful example. “We must learn from them as they showcase Nigeria’s talent,” she said. The collective vision of experts and government officials is clear: with the right investment and support, Nigeria’s creative sector can soar to new heights.