A Director at Patrons MCAA, an art advisory and dealership firm, Keturah Ovio, has said the Nigerian art industry must grow alongside the country’s Gross Domestic Product (GDP), estimated at $440 billion.

While announcing an upcoming exhibition titled, “small & Iconic” and scheduled for June 23 in Lagos, Ovio pointed out that Nigeria’s peers across the globe are doing better in arts due to their higher level of investment and commitment to the industry.

She explained that lack of investments in the Nigerian arts industry is stunting its growth, making it insignificant in terms of contribution to the GDP.

Ovio observed that countries with huge GDP enjoy flourishing arts markets, which engage many young and creative people in the economy.

She said: “We have a sizable economy, which is more significant than Singapore, with a GDP of $397 billion. But what are we doing to ensure that the arts industry grows alongside the economy? Singapore’s arts’ contribution to the GDP tripled to $1.3 billion between 1996 and 2015, according to the National Arts Council in the country. However, before then, many investments had been made by both the government and private sector to advance the industry.”

“For instance, about $51 million had been spent by the National Arts Council in grants, scholarships and endowments, according to Sothebys. Consequently, attendance at paid art exhibitions increased to 1.9 million by 2015 from 750,000 in 1996. This is a testament that investments can improve the state of things.”

Ovio said, however, that the Nigerian arts industry is dynamic, stressing that local products are exported to different parts of the world, including London and Paris.

She stressed that many young artists require funding and policy support to unleash their potential and talents, urging government to intervene and make the industry more attractive.

Exhibitors expected at the upcoming event Anita Cudjoe from Ghana; Sotonye Jumbo (Nigeria); Adeola Balogun (Nigeria) and Collins Abinoro Akporode (Nigeria).

She explained that “small & Iconic” is a series of miniature art exhibitions that sparks memorable and inspiring conversations in the arts industry through bite-sized artworks.

Ovio added that Nigeria has the potential to tap into the $65.1 billion global arts market.

Still, she regretted that Africa lags in the international comity of arts countries, owing to low government support.