Co-directors at Patrons MCAA, an arts advisory and dealership firm, Keturah Ovio and Peter Imo, made the assertion at a ceremony to announce the upcoming Small and Iconic Miniature Arts Exhibition, billed to take place from September 30 to October 15 in Lagos.
She stated: “Nigeria is missing up to $13.2 billion in annual revenue opportunity from the arts industry due to a lack of investments and the right policies to drive the sector. Ovio noted that South Africa’s visual arts and crafts contributed 15 percent to the country’s GDP in 2020, while Nigeria’s arts, entertainment, and recreation contributed merely 0.21 percent to the second quarter GDP of 2023 from 0.16 percent of GDP in the corresponding period of 2022.
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