The Federal Ministry of Industry, Trade and Investment says the creative industry will be its focus for interventions, investments, and partnerships for job creation for Nigerians.
The Minister, Aisha Abubakar, said this at the Creative Entrepreneurs Summit, with the theme: “Cashing in on your creativity” on Thursday in Lagos.
Abubakar, represented by Dr Adewale Bakare, the Director of Administration in the ministry, said part of the plans of the President Muhammadu Buhari-led administration was to drive the nation’s creative industry.
She said that part of the plans were to support and create an enabling environment through partnership with private sector and the global community to attain its full potential.
She said: “The Nigerian creative industry has the fastest growth rate in the world and has seen a period of rapid growth spurred by emerging digital technology, which support content creation, distribution and consumption.
“According to the International Monetary Fund, Nollywood is the second biggest employer in Nigeria engaging over a million persons.
“The significance of the Nigerian film and television industry came into focus after the rebasing of the national economy in 2013.
“The film sector was seen to contribute 1.42 per cent to the economy and by 2016, the film industry sector contributed 2.3 per cent (N239 billion) of Nigeria’s Gross Domestic Product.
“As a result of the industry’s financial potential and job creation capacity, the industry became a focus for interventions, investments, and partnerships which we are looking into.”
Abubakar urged Nigerians to take advantage of the abundant opportunities in the creative industry for profitability and sustainable economic development of the nation.
Besides, the minister said business advisory services would be provided for SMEs within the sector.
She said: “These services will include structuring of business plans to increase access to funding and FDI and establishing equipment-leasing outfits.
“In addition, providing training and capacity building for industry actors and improving the use of technology platforms (e.g., Iroko, Netflix) to enhance distribution.”
In addressing the music industry, the Minister said that the cultural wealth of Nigeria’s entertainment industry remained dominant in spite of westernisation and urbanisation.
She said: “Musicians in the industry intertwine African cultural themes by infusing traditional styles into modern music creation and production.
“This has generated a unique profile for the industry and fueled its popularity, giving the Nigerian music world-wide recognition.
“The lucrativeness of the industry, as well as the enabling environment it provides for all genres to thrive, is noteworthy.”
Speaking on the Nigerian Information Technology industry, she said that Nigeria had continued to grow exponentially in digital an adaptation and technology use.
She said: “UNICON Industry Fact Sheet estimates the global market for video games, e-sports, animation, and VFX as falling between $150 and $254 billion depending on market segmentation.
“With a mobile penetration rate of 84%, the Nigerian tech market is yet to be fully exploited.”
She assured that the ministry and its Agencies like the Bank of Industry, Nigeria Export Promotion Council, Nigeria Investment Promotion Commission were committed to working with stakeholders to give the creative industry the support needed to contribute to the GDP of the nation.
She lauded the efforts of Global Entrepreneurship Network Nigeria and Enterprise Development Centre and the ministry for organizing the event.