Large investments in the Creative Economy

At a press briefing in Abuja, the Ministry of Arts, Culture, and the Creative Economy announced the launch of a two hundred million US dollar Creative Economy Development Fund, as well as three hundred million US dollar in investment commitments. The Fund, which is to be managed by AfreximBank, is intended to provide financing for entrepreneurs in film, music, fashion, and tourism. Other creative economy projects include the Abuja Creative City Project, Creative Hubs, and the Global Standard Event Arena to host music and cultural events. The Ministry has also recently engaged with the Nigerian Economic Summit Group and the private sector to develop a comprehensive policy framework to integrate arts, culture, and tourism into national economic planning.

Other recent government efforts to support the creative economy include the introduction of a Monetary and Credit Policy intended to enhance access to finance by creative businesses, finalisation of a National Intellectual Property Policy, a review of the 2005 National Tourism Policy and the 1988 National Policy on Culture, and the development of a National Policy on Incentives for the arts and creative sector.

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