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Harnessing the power of creative economy: The role of Minister in attracting investment

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By Opeoluwa

Upon assumption of office, your first speech was ‘Rebranding Nigeria’ and your next speech centered on “theme song”. While it is not entirely misplaced, I feel rebranding should be left to the Ministry of Information.

It has then become imperative to draw your attention to your job description. You are the minister for the “creative economy,” which means it is one of the ministries (President Bola Ahmed Tinubu) PBAT is expecting to generate FDI and FPI in Nigeria.

The creative economy (also known as the orange economy) is, by definition, an evolving concept based on the contribution and potential of creative assets to contribute to economic growth and development.

Today, the creative economy is estimated to be worth $985 billion, with no signs of slowing down. G20 Insights predicts that the creative economy could account for 10% of global GDP by 2030, and Deloitte believes we will see up to 40 percent growth in creative sectors by 2030.

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The industries under the creative economy include advertising, architecture, arts and crafts, design, fashion, film, video, photography, music, performing arts, publishing, research and development, software, computer games, electronic publishing, and TV and radio.

The creative sector deals with the interplay of various subsectors ranging from traditional crafts, books, and visual and performing arts to more technology-intensive and service-oriented fields such as the music and film industries, television and radio broadcasting, new media, and design.

You have been tasked above all to bring in the needed investment into our creative sector for the growth and development of our dear country.

The low-hanging fruits or ideas to bring in the needed FDI and FPI that you can avail yourself of are Nollywood, Nigerian music, and cultural events. By design, the Ministry of Creative Economy should be self-reliant and remit to the purse of the federal government, not the other way around.

  • The views and opinions expressed in the article are those of the author and do not necessarily reflect the official policy or position of Global Financial Digest

(Contact; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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