FEC approves initiative to develop tourism infrastructure, creative industries

The Federal Government of Nigeria has taken a significant step by approving the establishment of the Creative and Tourism Infrastructure Corporation (CTIC). This Special Purpose Vehicle (SPV) aims to effectively address the infrastructure challenges facing the country’s creative industries, fostering growth and innovation in this vital sector.

The initiative, presented by Hannatu Musawa, the Minister of Art, Culture, Tourism, and the Creative Economy, at the Federal Executive Council meeting, is a proactive step toward fostering economic growth, enhancing cultural preservation, and projecting Nigeria’s cultural soft power on a global scale.

The Creative and Tourism Infrastructure Corporation (CTIC) will operate under a public-private partnership framework, strategically attracting both local and international investors to support its ambitious objectives.

CTIC’s primary aim is to establish the infrastructure necessary for the creative industries to generate $100 billion for the Nigerian economy and create 2 million jobs. This goal aligns seamlessly with Presidential Priority 7, which seeks to accelerate economic diversification through innovation in the creative arts.

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To achieve this vision, the Ministry of Art, Culture, Tourism, and Creative Economy has engaged a variety of development partners and stakeholders, including esteemed international organizations like AFREXIM, IFC, World Bank, AfDB, AFD, EU, Ford and Rockefeller Foundations, and UNESCO. This collaborative effort is focused on developing innovative approaches to infrastructure development and financing.

Operating as a limited liability company, CTIC will have the Nigerian Government holding a 25-49% minority stake through the Ministry of Finance Incorporated (MOFI). This structure fosters strong governance by ensuring that CTIC is overseen by a skilled Board of Directors and a management team with extensive experience in the creative sector and relevant industries.

CTIC’s priority projects encompass the rehabilitation of Obudu Resort and Yankari Game Reserve, the development of the Abuja Creative City, the establishment of 5,000 cinema screens, the creation of a Creative City at the Wole Soyinka Center in Lagos, and the launching of a Centre for African Arts, among other initiatives.

These projects are designed not only to enhance infrastructure but also to create abundant opportunities for creatives, promote inclusive growth, and ensure environmental sustainability.

Musawa said, “The establishment of the CTIC initiative represents a significant milestone in unlocking Nigeria’s economic potential. We are dedicated to providing the essential infrastructure that supports the growth of our creative industries while celebrating Nigeria’s cultural heritage and creative output on a global platform.

“This initiative reflects President Bola Tinubu’s administration’s commitment to diversifying the economy beyond oil and tapping into Nigeria’s vast creative and cultural reserves. Our creative content, from Nollywood to Afrobeats, is globally admired. However, the infrastructure to sustain and enhance this growth has been lacking. With world-class infrastructure backing events like ‘Detty December’ in Lagos, the economic impact could be exponential.”