According to the Assistant Secretary for U.S. Economic and Business Affairs, Ramin Toloui, Nigeria creative industry is expected to generate $100 billion in revenue by 2030. Toloui revealed the statement at the Africa Creative Market Conference held in Lagos, Nigeria, and added that the sector could produce up to 2.7 million creative sector jobs by 2050. The U.S. Consulate in Lagos and Ascend Foundation Studios hosted the conference on protecting intellectual property (IP). Toloui recognised the rapid expansion of the industry, which has attracted the attention of American actors in Nigerian films.
Toloui explained that as a result, more and more African investors are allocating funds to early-stage creator economy start-ups, and the sale of African content has increased through digital streaming and international touring. The government of the United States encourages the strengthening of ties between the United States and Nigeria in the industries, and it takes great pride in watching these ties grow and fostering increased investment possibilities in the sector, as well as bringing the two countries closer together.
Nigeria creative sector has seen tremendous progress.
Their intention to collaborate with other members of the industry ecosystem, including artists and policymakers, was announced during the session of the US-Africa Summit devoted to the revenue potential of the industries. The protection of intellectual property is an area they’ve prioritised to help artists make a living and drum up investment, so they’re clearly committed to the cause. Toloui praised the tremendous progress made in Nigeria’s creative sector, specifically the growing interest those foreign actors have shown in participating in films produced in Nigeria.
Furthermore, this achievement can be ascribed to the increasing demand for Nigerian content among the African diaspora worldwide, which has resulted in a steady increase in the export of African content through digital streaming and international tours. In addition, an increasing number of investors based in Africa are investing funds into creator economy start-ups that are in the early stages of development. Toloui underlined the United States and Nigeria joint efforts to establish closer ties in the fields of film, television, music, art, sports, gaming, and technology.
Legal framework provided by robust IP rights will encourage investment.
Also, the U.S. government is committed to building connections between the two countries through the promotion of investment opportunities and partnerships. As part of the U.S.-Africa Summits discussion of the industries’ potential economic impact, a commitment to working together with members of the ecosystem was announced. By focusing on the critical issue of IP protection, this collaboration hopes to boost the economy’s expansion. Toloui suggested that stable legal framework provided by robust IP rights rules encouraged investment and the commercialisation of creative and innovative works.
He highlighted the importance of the cultural sector, which is responsible for 3.1% of the global GDP. Annually, the industries bring in more than $2 trillion and sustain about 50 million jobs worldwide. Innovators, industrial designers, and artists can rest easy knowing that their work is protected and can be monetised with the help of strong IP protections. Furthermore, it paves the way for additional investments, drawing those investments into the industries, which in turn generates value and new employment opportunities outside of the conventional sphere. Toloui was very enthusiastic about the efforts being made by Nigeria as part of the Destination 2030 Initiative to foster the development of the industries.
Women represent nearly half of the industry in the country.
Additionally, the creative sector in Nigeria plays a significant role in employment, particularly for young people between the ages of 15 and 29, with women representing nearly half of the creative workforce in the country. Companies like Netflix, Amazon Prime, and Paramount, based in the United States, are investing heavily in the Nigerian market because they see its potential for expansion. In his final remarks, he reaffirmed the United States’ unwavering support for Nigeria flourishing creative landscape, with an emphasis on attracting investments and fostering the growth of business ties.