Valuers seek framework for creative economy development fund

The intellectual property valuers have called on the Federal Government to establish a framework that will ensure the sustainability of the newly creative economy development fund.

The valuers also called on members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to upgrade their skills which will place them at an advantage to play major roles in the sector.

Chairman of NIESV’s Faculty of Business Assets and Intellectual Property Valuation, Mr Lekan Akinwunmi and its facilitator, Dr Thomas Ashaolu, submitted last week while reacting to the Federal Government’s approval to enhance the creative industry through the creation of a creative economy fund.

The initiative, which is meant to pool resources for those in the creative industry, has attracted $200 million from AfreximBank for its take-off.

Speaking on the government’s approval, Akinwunmi, who noted that the initiative could not have come at a better time, called for extensive consultations with relevant stakeholders, particularly, trained and registered valuers. “We are thankful to President Bola Ahmed Tinubu and the Minister of Arts, Culture and Creative Economy, Mrs. Hannatu Musawa for bringing this fund to fruition.

While members of our institution have the expertise and depth of the field to help the government to drive home the goal, potentials in this sector should not be traded on party politics or ethnicity. Nigeria has a lot to gain in the creative industry, and we are ready to work with government officials to pilot this initiative.’’

Ashaolu, who noted that the fund was a good development, said one of its advantages was to take youths away from joblessness. “This fund will make our youths more productive, rather than engaging in illicit activities,” he said.

On the management of the fund, Ashaolu urged the government to channel communications through professional groups or associations in the creative industry.

“With these groups, coordination and organisation of different individuals showing interest will be easy. This will help the government to get the right set of people and easy administration and management.

“It is now left for the professionals to come and leverage on the opportunities and bridge the gap in the industry through training, and several other efforts to aid targeted people to tap into huge opportunities in this industry,” he said.

According to him, trained valuers on intellectual property assets have a huge role to play in the delivery of the project. “Many of us in the estate and valuation practice in the past had dwelt on property. It is in recent times that we began to look into the valuation of tangible and intangible assets.

“And we need more skill development seminars and engagements in that field. It is an emerging market both nationally and internationally. We have the basic skills on valuation, but need to learn, unlearn and relearn application of our skills to this specialised area of intangible assets valuation.”

He, however, said that though intellectual property was still evolving, Nigeria was ahead of many other countries.

Ashaolu charged the government with the responsibility of managing the creative industry to ensure the involvement of estate surveyors and valuers, who are trained in economic and financial issues, especially valuation.