Get Guardian on GoogleNigeria’s rich culture can become a major economic asset if properly harnessed and packaged by the Federal Government and other industry players for investment.
An investment banker and Chief Executive Officer of MBC Securities Ltd., Prince Olutoyin Ayoade, who disclosed this at the weekend, at the sidelines of the Odun Omo Olowu festival, in Abeokuta, Ogun State, said cultural festivals across Nigeria generate huge, verifiable cash flows that can be transformed into bankable products and listed on the Nigerian Exchange.
Ayoade, who is also the Standard Bearer of Akinoso Ruling House in Owu Kingdom, said festivals like Odun Omo Olowu were no longer just cultural celebrations but global economic events.
According to him, the celebration brings together event planners, food vendors, Adire makers, fashion entrepreneurs, hospitality operators, journalists and other professionals, with every business involved making good returns throughout the period.
“What we need to learn is to be ingenious and think outside the box. We need to look at how we can package positive cash flows from our cultural events into investment products. We need to be innovative. Innovation is the key word. We need to do things in a new way and harness the talents of our people.”
He explained that incomes from ticketing, sponsorships, sales of cultural attires, hospitality, broadcasting rights, vendor fees and diaspora spending can be pooled and structured to allow ordinary Nigerians to invest in culture and earn returns, while giving organisers upfront capital to grow the festivals.
Ayoade said this model is already working in other climes where entertainment and culture are listed as assets, and Nigeria can replicate it with the right product development in partnership with stockbrokers.
He added that the investing public would benefit from good returns while the capital market would be positively impacted.
On what government must do, Prince Ayoade called for adequate funding for the Ministry in charge of cultural development, deliberate focus on selected festivals that can be showcased to the world like Brazil does, and improvement in security, transportation and visa processes to make Nigeria attractive to tourists and diaspora visitors.
