Hollywood in the United States and Bollywood in India are two huge industries that is known all over the world. The movies both industries annually churn out have become a daily staple in various homes and cinemas around the world. Bollywood has become part of the Indian’s story by influencing the music film. With the sales of Hindi movies worldwide especially in the Asian countries, Middle East, Africa, and Europe, Bollywood continues to generate a lot of revenue. Hindi actors have also gained significantly through the improved income from sales of their movies.
For Hollywood, it has influenced film industries the world over. Most of the film industries have associated with Hollywood to promote and market their films both locally and abroad. The strategy has worked because of the quality films that met the audience’s expectations. Hollywood is undoubtedly the primary source of most commercially successful movies in the world Due to the success and the quality movies it produces, some film industries around the world have adopted names inspired by Hollywood.
These two industries are certainly reference points in the efficacy and capabilities of the creative sector to contribute to Gross Domestic Product (GDP) of any nation.
According to data, the creative economy is one of the world’s fastest-growing sectors. It creates employment and income, promote innovation and contribute to societies’ well-being. Apart from preserving the culture and values of the society, the creative industry is adjudged to be a catalyst for the economic transformation of any country.
Nigeria is a country with significant human potential, and a large population, of whom a major percentage are within the 18-60 age demographic. However, there seems to be limited opportunities in the traditional work spheres for individuals to harness their potential, as the country’s unemployment rate continues to sit at a whopping 33% as of the last quarter of 2022. In recent years, more people have begun seeking alternatives to white-collar employment as possible solutions to this problem, and one industry that has thrived from this has been the country’s creative sector.
Nigeria has in abundance literary giants that have wowed the world telling great stories with the use of the pen. From the older generation of Chinua Achebe to the new generation of Chimamanda Adichie, these literary giants have been and still blazing the trail. Afro-beats has taken the world by storm with Nigerian musicians dominating the air waves home and abroad, collaborating with big stars in the music industry. Nollywood is also upping their game, featuring prominently on popular global streaming platforms such as NETFLIX. There is currently wave skits and skit makers bringing joy, laughter and comic relief to Nigerians and non-Nigerian on social media and beyond.
Albeit the country is a visible player on the global landscape, it is yet to optimize the full potentiality of its creative industries sectors. Again, the industry is challenged by the lack of a coherent creative industries policy. In 2011, President Goodluck Jonathan had promised to refocus the creative industries to help them achieve excellence but much of this promise is yet to be fulfilled. The true test of commitment resides in the articulation of a coherent policy and strategy that establish clear objectives for the industries, support structures in the areas of skills and capacity development, access to finance, infrastructure, incentives, development of creative clusters and international strategy, among others.
Nigeria’s creative sector, as categorized by the National Bureau of Statistics (NBS), is comprised of five sub-sectors: Media and Entertainment, Beauty and Lifestyle, Visual Arts, as well as Tourism and Hospitality. The creative sector currently employs about 4.2 million people across the five sub-sectors. Many in and outside the country continue to opine that the creative industry could contribute significantly to economic recovery and growth as well as boost the diversification agenda of the Bola Ahmed Tinubu administration.
The Presidents’ economic plan intends to double the Nigerian economy to $1trillion by 2030. The creative economy can contribute immensely towards achieving this. Without a shred of doubt, the creative economy has the potential to contribute up to 5% of GDP at over $50 billion by 2030. The country’s media and entertainment industry is one of the fastest-growing creative industries in the world. Tourism is another key driver of economic activity, if utilized effectively will contribute to the country’s revenue and employment generation. Some experts opine that Handicraft Industry is expected to reach over $1 trillion in 2027.
Nigeria’s fashion industry is another sector that if given due attention, will flourish and propel the country to greater heights. Nigerian fashion designers are gaining global recognition and receiving accolades for their exceptional work around the world. The likes of Toyin Lawani, Adebayo Oke-Lawal, Amaka Osakwe and Mai Otafor among others are fashion designers of repute blazing events like Lagos Fashion Week and Africa Fashion Week. These events have not only helped in promoting local brands but also introduced them to an international audience.
If effectively harnessed, the industry has the potential to produce 15 million jobs by 2030 with a high potential for employment of young people. Positioned as the country’s secondlargest employer (behind agriculture), stakeholders in the creative economy believe that the creative industry has the ability to provide sustainable employment opportunities for more than 25 million young people. To unlock its full capacity for growth, a cogent strategic approach that prioritizes investment in skilled talent and creates a thriving ecosystem is needed.
In recognition of this, a national initiative to drive growth through the creative economy is in the works “Destination 2030 Nigeria Everywhere”. This initiative, by creating a national strategy will definitely propel revenue growth in Nigeria’s cultural and creative industries while showcasing Nigerian culture to the world. However, for the immense potential of the industry to be realized, requires government financing and increased attention to policy. Another way its potential can be realized is via promoting and supporting local talent through projects and initiatives.
Data is a veritable tool that can effectively track the growth or decline of a system. Developing a system through data to track the growth of the creative industry is vital towards realizing its full potential. Measuring results and driving strategy through data-driven insights. Thus a clear mapping of the sector coupled with a coherent policy articulation and execution will enhance the viability of the creative industries. As the country seeks to diversify its economy away from dependency on oil revenues, the creative industries, based on their current economic value, provide a veritable incremental source of employment, revenue and growth.
So from here, it is onward and upward as Nigeria aims for ‘DESTINATION 2030’ in CULTURE, TOURISM AND the CREATIVE ECONOMY. Bright lights as soon… NIGERIA will be EVERYWHERE.
