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Nigerian creative economy budget boosted by $200 million Afreximbank investment

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Nigerian creative economy budget

Hannatu Musawa, Minister of Art, Culture and Creative Economy, promises a better Nigerian creative economy budget and secured $200 million from Afreximbank for tourism.

 

Hannatu Musawa, Minister of Art, Culture and Creative Economy, has vowed to improve the Nigerian creative economy budget.

Speaking at a retreat in Abuja for top ministry officials, she acknowledged the current budget limitations and promised to harmonise it to meet the ministry’s growing responsibilities and expectations.

 

Also read: All eyes on renovated Wole Soyinka Centre for Culture and the Creative Arts

 

Musawa revealed that her ministry secured a $200 million investment from Afreximbank aimed at boosting the Nigerian tourism sector.

She emphasised that this financial support would aid in developing the necessary infrastructure for the creative and cultural industries.

The minister also called for a more comprehensive understanding of arts and culture, which is often reduced to mere entertainment.

She highlighted the potential of Nigeria’s cultural wealth, stating that culture is the “new oil” accessible to all Nigerians, even in rural areas.

Musawa outlined plans to attract both domestic and international investors, expressing confidence that the growing importance of the creative economy will elevate the ministry’s relevance by 2027.

Her recent visit to the United Nations General Assembly in New York saw productive discussions with Saudi, UAE, and Qatari authorities, all keen to invest in Nigeria’s cultural and creative industries.

The minister is committed to building a robust policy framework that will secure the future of Nigeria’s creative economy.

At the retreat, Dr Joe Abah, former Director-General of the Bureau of Public Service Reforms, provided insights into the roles and limitations of public officials, stressing the importance of cooperation in driving reform.

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