Get Guardian on Google‘Africa’s creative economy needs $2b financing, IP protection to unlock value’
Former President, Chief Olusegun Obasanjo, has called for urgent action to address worsening insecurity, unemployment and poverty in Nigeria, warning that leadership failures are forcing citizens to seek better opportunities abroad, often through dangerous migration routes.
Obasanjo spoke on Saturday during a panel session themed “Lest We Forget” at the Creative Africa Nexus Weekend 2026, organised by the African Export-Import Bank in Lagos State.
The former President, who reflected on Nigeria’s security situation since independence, said the country must confront the governance failures responsible for declining safety and economic opportunities.
Obasanjo recalled returning to Nigeria in 1959 after completing his military training in Britain, noting that he could travel freely across the country without fear of attacks or kidnapping.
Contrasting that experience with the current security situation, he questioned how Nigeria had deteriorated to the point where citizens could no longer travel safely across several parts of the country.
He argued that unemployment, particularly among university graduates, had become a major source of economic desperation, making it difficult to discourage young Africans from leaving their countries in search of opportunities.
According to him, governments cannot continue producing graduates without creating sufficient employment opportunities and expect them to remain economically productive.
Obasanjo recalled an encounter with Nigerians arrested for drug-related offences, explaining that one of the suspects had attributed his involvement in the illegal trade to the loss of legitimate employment.
He said the encounter demonstrated how economic hardship could push otherwise productive individuals towards desperate decisions, although he stopped short of justifying criminal activities.
MEANWHILE, the Federal Government and other leaders have called for increased financing, stronger intellectual property protection, improved distribution networks and wider market access to enable the continent to retain more economic value from its creative industries.
This call was made at the opening of the four-day Creative Africa Nexus (CANEX) WKND 2026 in Lagos, where policymakers, financial institutions, investors and industry stakeholders stressed the need to transform Africa’s growing creative talent into commercially competitive businesses and sustainable wealth.
Opening the gathering on behalf of President Bola Ahmed Tinubu, Vice President Kashim Shettima said Africa must move beyond celebrating its global cultural recognition to building viable businesses capable of competing in international markets.
He said the continent must translate the growing global appreciation of its music, films, fashion, arts and other creative products into commercial opportunities for African entrepreneurs.
Speaking at the event, Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed that proposed transactions worth more than $500 million were already being discussed between Nigerian entrepreneurs, buyers and investors through deal rooms co-curated with Afreximbank.
She said the gathering was designed to connect local creative businesses with international buyers and investors, creating opportunities for commercial partnerships across the different segments of the industry.
Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, warned that increasing production financing alone would not deliver the desired economic benefits unless African countries also addressed structural weaknesses in the creative industry’s value chain.
