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The Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, announced that today the Federal Executive Council (FEC) has approved an ambitious new plan aimed at generating revenue from Nigeria's abundant cultural and tourism resources.
Musawa stated that this initiative, crafted in collaboration with the Ministry of Finance Incorporated (MOFI), seeks to establish a new source of revenue and simultaneously celebrate the nation's heritage.
He said, “For the first time in Nigeria’s history, a standalone ministry is tasked with unlocking the potential of the cultural, creative, and tourism sectors. We are looking to contribute $100 billion to Nigeria’s economy by 2030 by monetizing both tangible and intangible assets.”
Tangible assets encompass national collections in museums, historical landmarks, notable buildings, and artworks owned by the federal government.
Intangible assets include elements like indigenous languages and oral traditions, as well as cultural items like adire textiles, culinary treasures such as Ijebu garri, and important landscapes and cultural festivals.
Musawa highlighted that the plan is centered on achieving self-sufficient economic growth by utilizing current resources, thereby avoiding any extra burden on the national budget.
“This is about using what we already have to create wealth, identity, and pride. Our cultural capital is immense, and now we are putting in place the framework to monetize it responsibly,” she added.
She outlined that the initiative will be carried out in four distinct stages: first, assessing the assets on hand; then, determining their value; followed by crafting a monetization strategy; and finally, executing the plan.
She mentioned that the process of verifying the assets has been finalized, clearing the path for subsequent actions in partnership with MOFI.
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