Nigeria’s creative economy secures $300M in investment, targets 2 million jobs by 2027

By Joy Baba-Yesufu

Nigeria’s creative economy is gaining international traction as the Federal Ministry of Arts, Culture, and the Creative Economy announces over $300 million in secured investment commitments aimed at transforming the sector into a global powerhouse.

Hannatu Musawa, the Minister of Arts, Culture, and the Creative Economy, revealed the milestone during a Ministerial Press Briefing held Friday in Abuja. She noted that the investments, secured in just 18 months, are part of the government’s broader strategy to create at least 2 million jobs within the sector by 2027.

“We have not only secured over $300 million in investment commitments but also launched the Creative Economy Development Fund (CEDF) to provide innovative financing for entrepreneurs in film, music, fashion, and tourism,” Musawa stated.

Key Highlights and Initiatives:

$200 million Creative Economy Development Fund (CEDF): Managed by AfreximBank, the fund will offer affordable financing to creative enterprises, catalysing innovation, job creation, and sector expansion.

Abuja Creative City Project: A flagship infrastructure initiative to transform the capital into a thriving creative hub, fostering economic growth and showcasing Nigeria’s cultural diversity.

Creative Hubs Across Six Zones: President Bola Tinubu is expected to unveil regional creative hubs to nurture local talent and build regional creative ecosystems.

Global Standard Event Arena: Construction is underway for a world-class venue that will host major music and cultural events, supporting Nigeria’s ambition to become Africa’s cultural capital.

Musawa stressed that the sector’s rapid development is driven by a policy-first approach, focusing on structural reforms, capacity-building, and inclusivity.

“Beyond the numbers, we are empowering rural communities, women, and young people to fully participate in Nigeria’s creative revolution,” she said.

Sectoral Focus and Policy Reforms

To institutionalise growth, the ministry is evaluating 49 sub-sectors within the creative industry, with emphasis on music, film, fashion, art, and gastronomy.

The government is also:

Finalising a National Intellectual Property Policy to protect the rights of creators.

Reviewing the 2005 National Tourism Policy and 1988 National Policy on Culture to align them with current realities.

Developing a National Policy on Incentives for the arts and creative sector to improve investor and industry confidence.

Introducing a Monetary and Credit Policy to enhance access to finance for creative businesses.

Musawa highlighted the music industry as a high-impact sector, identifying five areas along its value chain that could generate over 500,000 new jobs by 2030.

In partnership with the Nigerian Economic Summit Group and the private sector, the Ministry is spearheading the development of a comprehensive policy framework to integrate arts, culture, and tourism into national economic planning.

“These initiatives are laying the foundation for a dynamic, inclusive, and globally competitive creative economy,” Musawa affirmed.

With this momentum, Nigeria is positioning itself as a creative and cultural epicenter—not only in Africa, but on the global stage.