The Federal Government has reiterated plan to strengthen Intellectual Property (IP) rights, enhance skills development, and expand distribution channels.

Minister of Art, Culture and the Creative Economy, Hannatu Musawa, who disclosed this during the African Art business conference held in Lagos, said that the global art market was valued at $80 billion in 2024.

Musawa, who was represented at the event by the General Manager/Chief Executive Officer of the National Theatre, Tola Akerele, added that the value was not just statistics, but an opportunity African artists must boldly seized.

She said: “We must reflect on how we can position African Art and creativity for sustainable development. It is our collective responsibility to ensure that infrastructure, policies and market access are firmly placed.

“We are working to ensure that Nigerian artists and cultural stakeholders are well integrated into the global value chain.”

The minister said that the potential of African Art shapes narratives, build bridges and fosters unity, adding: “It is a medium through which we can tell our own stories, as well as reclaiming and reframing Africa’s image to the world.”

On his part, the Convener/Executive Chair, Paul Andrew Private Collection, Olusegun Paul Andrew, who noted there has been a struggle to define what the nation’s art is in terms of the economics, said that African art needs to be fully grasped, properly valued and presented to the international and local collectors in its purest economic front.