from OKORO CHINEDU in Lagos, Nigeria
Nigeria Bureau
LAGOS, (CAJ News) – NIGERIA has been advised to increase investment in its burgeoning creative sector in order to unleash the industry’s full potential.
Experts have tipped this sector to play a crucial role in diversifying the economy from an overreliance on the struggling oil sector.
Chinwe Egim, the Chief Economist at Coronation Merchant Bank, suggested the government should prioritise investment in education and skills development tailored to the sector.
This can be by implementing vocational training programmes, workshops, and apprenticeships in areas such as film production, music composition, fashion design, and digital media to equip aspiring creatives with the necessary skills to thrive in the industry.
“Additionally, fostering partnerships between educational institutions, industry stakeholders, and creative professionals can facilitate knowledge transfer and innovation, nurturing a dynamic talent pool poised for success in the orange economy.”
Egim believes furthermore, the government should enact policies that promote entrepreneurship and facilitate access to financing for creative ventures.
She proposed the establishment of specialized funding mechanisms, such as grants, loans, and venture capital funds, tailored to the unique needs of creative enterprises that can alleviate financial barriers and stimulate entrepreneurial activity.
“Additionally, streamlining bureaucratic procedures for business registration, licensing, and intellectual property protection will create a conducive environment for startups and small businesses in the orange economy to flourish.”
Nigeria’s creative sector is often referred to as the orange economy.
From Nollywood to music, fashion, literature, and visual arts, the West African country’s vibrant creative industries have captured global attention and generated significant revenue streams.
The sector has witnessed considerable growth and innovation, fueled by a blend of talent, cultural diversity, and technological advancements.
Nollywood, the second-largest film industry globally (after America’s Hollywood, in terms of output), has garnered global recognition, producing thousands of movies annually.
The music industry has produced internationally acclaimed artists attracting fans globally.
Over the past eight quarters, the creative sector has contributed an average of 4,3 percent year-on-year to the country’s economic output.
“However, its true economic potential remains largely untapped, with opportunities for further growth and expansion,” Egim said.
She said increased investments in infrastructure, intellectual property rights protection and capacity building initiatives could assist with unlocking new revenue streams, stimulate job creation and enhance economic growth.
“Furthermore, the creative industries can serve as key drivers of tourism, attracting both domestic and international visitors and bolstering government revenue through taxes and fees,” the economist said.
– CAJ News