Former Minister of Information and Culture, Lai Mohammed, has praised the Nigerian creative industry, calling it a goldmine.
Speaking at a forum tagged “Giessen Meets The World” organized by the IHK Giessen-Friedberg Chambers of Commerce and Industry in Germany, on Thursday, Mohammed highlighted the industry potential for business opportunities, employment, earnings, and entertainment.
He noted that the nation’s creative industry has an impressive growth trajectory and has contributed immensely to its Gross Domestic Product (GDP).
According to the former minister, the creative sector which includes fashion, music, film, literature, visual arts, among others is Nigeria’s second-largest employer, with the potential to create an additional 2.7 million jobs by 2025, per Jobberman.
The Managing Partner of Bruit Costaud, a policy advisory firm, said the sector’s expansive value chain, including production, distribution, and marketing, supports diverse employment opportunities.
“The creative sector serves as a powerful engine for economic growth, contributing substantially to Nigeria’s GDP through the production and distribution of creative goods and services,” Mohammed said.
He emphasized how the industry’s value chain creates numerous job opportunities, ranging from artists and performers to technicians, marketers, and administrative personnel.
On digital transformation within the industry, Mohammed said: “The rise of online platforms, streaming services, and digital distribution channels has democratized content creation and distribution, making Nollywood films, music, fashion shows, and art exhibitions accessible to a global audience.”
“International collaborations in music, film productions, and fashion events have elevated the industry’s global standing,” he noted.
“The youth’s engagement with and consumption of creative content continue to drive the industry’s growth,” Mohammed said.
He pointed out that the sector’s viability and rapid growth are evidenced by high sales records, such as the 2023 success of the film “The Tribe Called Judah,” which according to him, grossed over 1 billion naira in less than three months.
Mohammed attributed this success to supportive government policies and reforms, including grants, tax incentives, and the establishment of creative hubs that encourage entrepreneurship and investment.
Mohammed outlined several lucrative investment opportunities within the Nigerian creative industry, saying: “Nollywood, the world’s second-largest film industry by output, presents opportunities in film production, distribution, and infrastructure development. Public-Private Partnerships can address the industry’s infrastructure needs.
“With the globalization of music consumption and digital platforms, the Nigerian music scene offers investment prospects in production, distribution, and live events.
“The Nigerian fashion industry is ripe for investment in design, manufacturing, retail, and global export, especially with the growing international focus on African fashion.”
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
