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.
Related Link
Jobberman: Website
Bill to develop Nigerian Creative Industry – The industry would provide annual $100b by 2030 with gov’t-private cooperation. – Express your point of view.
The creative industry when invested upon maximally will yield a huge return of investment. We should ensure the capacity of our creative industry is explored and opportunities to showcase their talent should be brought forward.
The government should be viewed as a willing partner as a bill to promote further sector expansion is being written.
The industry of a wide variety of fields is connected by a common thread known as intellectual property, which is the essential byproduct of each and every activity conducted in these various fields.
Bill to develop Nigerian Creative Industry. All this bill and too much talk and promise from our government is too much and we tire of hearing. Action is what we need not talking
Good content, efficient display platforms or distribution channels, and adequate intellectual property protection make up the typical industry model for ensuring that commercial value is created.
The nation, by leveraging its influence in the creative sector, possesses the capability to own the future through the construction of a platform that offers the creative industry a global opportunity to flourish.
Crazy that Amazon and Digital Satellite Television are all familiar with the kind of potential and market that the Nigerian creative industry possesses in its possession.
the importance of Nigeria to the narrative of creative expression in Africa. It is necessary for Nigeria to close funding gaps and establish suitable enabling laws in order for the country to achieve an enviable position in the global creative industry.
There is a good chance that Nigeria might create a significant amount of money if suitable planning, tax breaks for corporations participating in the sector, and the construction of local infrastructure are implemented.
Although a formal report will be presented to the Minister, the Director-General of the National Council for Arts and Culture (NCAC) announced that he would reveal his view in fewer than seven days. This was revealed by the NCAC official.
This is a nice thing to do by the government but action must show that we will see that what they are saying is real not just talking alone
If Nigeria takes the time to properly prepare, offers tax benefits to firms that invest in the area, and builds the necessary infrastructure, it has a decent possibility of generating a substantial amount of money.
This bills should be signed. Actually we are lagging behind in this area. This sector provides job opportunities for people across several sectors which include Media, Beauty, Visual Arts, Entertainment, Lifestyle, Tourism and Hospitality. It would be really nice, if signed.
If proper planning, tax benefits for firms operating in the sector, and the building of local infrastructure are put into effect, Nigeria has a strong possibility of creating a considerable quantity of money.
Nigeria’s centrality to the history of art and culture on the African continent. If Nigeria wants to climb to an enviable position in the global creative economy, it must fill financial shortfalls and enact proper enabling laws.
If the Nigerian Creative Industry is fully allowed to get to it full potential is capable of generating enough revenue for the country. It all depends on the active support of the government of the day.
The Nigerian Creative Industry needs to be recognized by our government because of the potential it carries. If the government can invest in it and support then the reality of generating more revenue for the country will be possible.
When money is poured into the creative sector as much as possible, it pays off in spades. We need to make use of the full potential of our creative sector and actively seek out venues for their work.
If proper planning, tax benefits for businesses involved in the industry, and the development of local infrastructure are executed, there is a reasonable potential that Nigeria might generate a sizable amount of money.