On December 7, 2024, the Federal Government of Nigeria reaffirmed its commitment to generating $100 billion from the creative economy, as announced by Minister of Arts, Culture and Creative Economy, Hannatu Musawa. This initiative aims to create and sustain two million jobs within the sector and was launched in Abuja with support from the European Union (EU) and UNESCO [d7a79468].
This announcement aligns with President Bola Tinubu's Priority No. 7 for economic diversification, which includes the development of key policies such as the National Intellectual Property Policy and Strategy, the National Cultural Policy, and the National Tourism Policy [d7a79468]. The initiative focuses on establishing regulatory frameworks and attracting investments in Nigeria's cultural sectors, further enhancing the government's strategy to bolster economic growth through creative industries [d7a79468].
Earlier in the year, on August 25, 2024, Nigeria's Federal Ministry of Tourism introduced the 'Draft National Tourism Policy' aimed at enhancing the country's global tourism standing. Minister Lola Ade-John emphasized sustainable tourism, community engagement, and product diversification during a virtual meeting with stakeholders [9ab25d2a]. This policy is set for finalization in October 2024 and is part of a broader effort to unlock the tourism sector's potential, which is projected to generate significant revenue as Statista estimates that Nigeria's tourism revenue will reach approximately $3.31 billion in 2024, growing at an annual rate of 11.23% [9ab25d2a].
The government's focus on both the creative economy and tourism reflects a dual strategy to enhance national revenue streams and improve the welfare of its citizens. As Nigeria continues to face economic challenges, the success of these initiatives will depend on effective implementation and collaboration between the government and private sectors to ensure sustainable growth and stability [f4983cc6].
Overall, the commitment to generating $100 billion from the creative economy, alongside the introduction of the Draft National Tourism Policy, signifies Nigeria's dedication to diversifying its economy and leveraging its rich cultural heritage to attract global investment and tourism [d7a79468].