What do you believe is the single most important factor driving up the cost of living in Nigeria?

Musawa lamented that despite its huge potential, Nigeria’s creative industry currently contributes just $5bn to the economy, with its different sub-sectors at various stages of development.

She said statistics from the National Bureau of Statistics indicated that Nigeria’s creative economy has a very low contribution to overall GDP in comparison with benchmark countries, with the industry contributing just 1.2 per cent to Nigeria’s GDP in 2022, the least when compared to other African countries like Morocco (2.7 per cent), South Africa (3.0 per cent), and Egypt (4.3 per cent).

Also, she noted that Nigeria ranked low (1.0 per cent) in its ability to earn government revenue from the sector, compared to South Africa’s 12.5 per cent.

To achieve its ambition, Musawa said, “The ministry has identified 14 pivotal initiatives that will drive the sector’s growth and significantly boost government revenue $10bn – $20bn.”

She grouped these initiatives under four unique pillars, which include technology, infrastructure and funding, international culture promotion, and intellectual property monetisation.

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