This post has already been read 2134 times!

In a landmark move to unleash the vast, untapped economic potential of Nigeria’s cultural and creative industries, the Ministry of Art, Culture, Tourism, and Creative Economy has entered into a strategic partnership with the Ministry of Finance Incorporated (MOFI).

The collaboration, formalized through a Memorandum of Understanding (MoU) at a ceremony in Abuja, aims to transform the nation’s tangible and intangible cultural assets into significant economic drivers.

Dr. Armstrong Ume Takang, Managing Director and Chief Executive Officer of MOFI, described the initiative as a pivotal step in revitalizing Nigeria’s heritage and creativity.

Speaking at the ceremony held at the Bank of Industry House, he emphasized the importance of cataloging, valuing, and securitizing cultural assets to generate revenue and create investment opportunities.

“Today marks the dawn of a new era where Nigeria’s rich cultural wealth transitions from being merely admired to becoming an engine for economic transformation,” Dr. Takang stated. “This partnership will awaken the dormant potential of assets such as heritage sites, artworks, and traditional knowledge, turning them into platforms for prosperity.”

Dr. Takang highlighted the economic potential of cultural assets by referencing the 2018 sale of Ben Enwonwu’s “Tutu” painting, which fetched £1.2 million in a London auction, while much of Nigeria’s national collection remains undervalued and uncatalogued. He expressed optimism that the MoU would position Nigeria as a trailblazer in cultural asset securitization in Africa.

The Minister of Art, Culture, Tourism, and Creative Economy, Barrister Hannatu Musa Musawa, lauded the collaboration as a significant milestone aligned with President Bola Ahmed Tinubu’s vision of creating a sustainable cultural legacy. She reaffirmed the ministry’s commitment to fostering innovation within the creative and cultural industries.

“The true wealth of Nigeria lies in its cultural heritage,” Barrister Musawa stated. “This partnership is a bold step toward ensuring that the government and creatives alike reap the economic benefits of these assets, leaving a lasting legacy for future generations.”

The initiative is anchored on four core objectives: generating new revenue streams for the government, creating investment opportunities for citizens, preserving cultural heritage by linking it to economic value, and positioning Nigeria at the forefront of cultural asset securitization in Africa.

As Nigeria takes this pioneering step, the partnership between MOFI and the Ministry of Culture is expected to redefine the role of culture in economic development, unlocking new pathways for growth and prosperity.