Expanding creative industry option for investment - Part 1 | The Guardian Nigeria News - Nigeria and World News

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Despite a rise in non-oil earnings, the current state of the Nigerian economy reveals that there is a massive decline in revenue. The economy is still largely mono product.

For the country’s next government to establish a quality economic governance framework built on sustainable fiscal, monetary, macroeconomic specific consolidation, the input of creative industry is needed writes GREGORY AUSTIN NWAKUNOR.

According to stakeholders in the creative economy, there is need for more investment in the sector. They said the creative industry has potential and capacity to save over 100 million youths by creating viable employment for them. According to President Muhammadu Buhari, Nigeria’s creative industry is positioned as the second largest employer with a potential to produce 2.7 million new jobs by 2025.

The industry requires specific knowledge and skill to monetise it. The minister must be able to establish symbiotic relationships with the Central Bank of Nigeria and commercial banks. The person should not just fund edifices, but should show the banks how a symbiotic relationship can be kept. This contrasted sharply with the case in 1988 when culture administrators mobilised universities, journalists, trade unionists, civil society representatives, among others, to make their input to the implementation strategies. But the belated 2008 exercise wasn’t like that.

They recommended a minority status for the Federal Government in ownership and operation of the national gallery, which should be funded on a Public-Private Partnership. Omooba Yemisi Shyllon noted that Nigeria has the potential of attracting about six million visitors per annum to its national gallery, thereby, generating an income of $56 billion per annum.

“The artworks of many Nigerian artists are thus lost in the long run and their impact remaining uncoordinated for public exposure, permanent exhibition and promotion. It is not an exaggeration to state that the lack of a national gallery edifice is a key retardant to the development of modern and contemporary art in Nigeria.

They equally encouraged governments across board, and particularly at the local government area level, to establish, maintain, staff and furnish at least one community library per LGA, whose book stock must be renewed and updated annually.

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