…Seek passage of bill, government support
Amidst revenue crunch and dwindling oil revenue, stakeholders in Abuja, have suggested that Nigeria’s ailing economy can receive a drastic boost if the Federal Government harnesses the opportunities in the creative industry and pass into law, the Creative Industries Development Bill.
The stakeholders, with the involvement of the Presidency, are insisting that with the right framework and enabling environment, the nation’s creative industry could become a leading Foreign Direct Investment driver, providing employment for millions of Nigerians, especially youths, while unlocking the potential of the hospitality, aviation, tourism and other related industries.
The stakeholders, who gathered at an event on the development, noted that there was a need to unlock the business side of the arts, adding that the move would promote diversity and inclusivity in the arts and in the nation’s economy.
Speaking at the event, Senior Special Assistant to President Muhammadu Buhari, on Country Risk Assessment and Evaluation, Felix Alaita said the government is making efforts to create a platform for the creative industry to thrive so as to improve the performance of other sectors of the economy.
Alaita noted that the move would bridge the gap between the Nigerian creative industries and governments thereby building a vibrant, profitable, rapidly growing creative sector with a robust, legal, regulatory and institutional framework.
According to him, the creative industry is essential to Nigeria’s economy, and plays a crucial role in job creation, innovation and cultural expression.
“In today’s rapidly changing world, it is more important than ever to support these industries to ensure that Nigeria continues to be at the forefront of growth.
“This project has been in the planning for over two years now and has now reached the validation phase where a physical meeting of ministries, departments or agencies have commenced in conjunction with industry stakeholders,” he said.
The Creative Industry Development Bill project is a collaborative effort between Nigeria’s creative industry and the Presidency to transform the Nigerian creative space through regulation and an executable action plan.
The Bill aims to build a vibrant, enabling creative space for Nigerian creatives.
Partner at Racecourse Capital, Chukuka Chukuma, who said the sector could be contributing about $15 billion to the economy by 2025, noted that the sector could leapfrog many other industries in the country.
He said Nigeria must create the enabling environment and destination to ensure that the industry attracts Foreign Direct Investment.
Chukuma said the sector needed access to funding through creation of investment funds and loans, as well as support and tax incentives, including value added tax exemption, stressing that it would fast track infrastructure development and provide a multiplier effect.
