A recent discovery has shown that the creative industry sector of Nigeria is not living up to its full potential. Experts agree to this because with collaboration between the government and private sectors for creation of an enabling business environment, the industry would be able to contribute $100 billion yearly by 2030. According to a study researched by a famous Nigerian career platform, Jobberman, the sector provides job opportunities for 4.2 million people across several sectors which include Media, Beauty, Visual Arts, Entertainment, Lifestyle, Tourism and Hospitality.
The Nigerian Creative Industry consists of many players across different sectors like film, music, dance, fashion, radio, sports, media, gaming, theatre, literature, television, arts, information technology and advertising. The industry of many sectors are bound by a common tie called Intellectual Property (IP) which is the significant product of every activity of the diverse sectors. Generally, the standard industry model to ensure commercial value is good content, effective exhibition platforms or distribution channels and proper IP protection.
Country needs to engage its total potential in the creative industry.
Speaking at a consultative session to review the proposed draft of the Nigeria Creative Industries Development Bill on February 9, 2023, some industry experts stated that Nigeria is yet to engage its total potential in the creative industry. Foreign companies are the only ones who often speak to the creative industry’s potential. The kind of potential and market owned by the Nigerian creative industry is known by Amazon, DSTV and Digital Satellite Television. As a result, the potential of the industry needs to be explored.
Content producer and creative industry expert, Obi Asika, added that the country, using its power in the creative industry, has the ability to own the future through creation of a platform that provides the industry with global opportunity to thrive. A senior official at Afrexim Bank, Odi Akanuba, also stressed the significance of Nigeria to Africa’s creative narrative. To attain an enviable position in the global creative industry, Nigeria is required to fund gaps and enact relevant enabling laws.
A legal team would be organized to view the bill.
Akanuba suggested an observation of the model of financing of South Korea, China and India. Also, amidst the drafting of a bill to enable further growth in the sector, the government should be considered as a willing partner. Chika Chukwuka, an investment banker and participant at the event likewise suggested adoption of an unorthodox financing model for expansion of wealth creation for the industry. Through appropriate planning, tax rebates for companies investing in the sector and development of local infrastructure, there is likely possibility that Nigeria would generate $2.9 trillion as creative market share.
Currently, there is a growing global demand for content, so stakeholders are urged to cooperate towards ensuring the actualization of the bill. According to a senior government official and representative of the Minister of Information and Culture, Olusegun Runsewe, there would soon be an organization of a legal team to scrutinize the drafted bill. The Director-General of the National Council for Arts and Culture (NCAC) stated that although an official report would be made to the Minister, he would reveal his stance in less than seven days.
Bill should be in accordance with certain provisions.
The aim of the Nigeria Creative Industries Development Bill, 2023 is to aid provision of an enabling environment for the Nigerian creative industry. It also has its focus on providing a legal, regulatory and institutional framework to enable the development of a sustainable environment for the Nigerian sector. According to national expectations, the bill should be in accordance with the provisions of the United Nations Educational, Scientific and Cultural Organization (UNESCO) 2005 Convention of the Protection and Promotion of the Diversity of Cultural Expressions and Aspiration 5 of the African Union Agenda 2063, for portrayal of an African with an immovable cultural identity and common heritage.