MOFI, Culture Ministry Partner To Drive Monetization of Nigeria’s Cultural Assets

The Ministry of Art, Culture, Tourism and Creative Economy has signed a Memorandum of Understanding with the Ministry of Finance Incorporated MOFI to unlock and monetise the vast, untapped potential of the federal government’s tangible and intangible assets, driving economic transformation and growth in the cultural and creative sectors.

At the ceremony which took place at the Bank of Industry House, the managing director/chief executive officer of the Ministry of Finance Incorporated, Dr. Armstrong Takang said that the Memorandum of Understanding between MOFI and the ministry will awaken the nation’s creativity and heritage and activate its dormant cultural assets.

“These assets will be cataloged, valued, and securitized to generate new income streams for the government and create investment opportunities for Nigerian citizens.

“Today, we stand on the threshold of a new era in Nigeria, where the nation’s rich cultural wealth, previously admired yet undervalued, steps into the spotlight as a significant driver of economic transformation.

“For far too long, we have walked past our nation’s artistic treasures without recognizing their true economic value. These cultural assets are not just decorations; they are economic opportunities waiting to be valued and optimized. Consider the profound impact: a single Enwonwu painting, ‘Tutu,’ sold for £1.2 million at a London auction in 2018, while our own National collection remains largely uncatalogued and unvalued.

This collaboration will also create a platform to turn these pieces into an economic power.

“This Memorandum of Understanding between MOFI and FMACCE isn’t just a partnership; it’s a clarion call to awaken the sleeping giants of our nation’s creativity and heritage. We are here to unlock the vast, untapped potential of the Federal Government’s tangible and intangible assets— which include our arts, paintings, heritage sites, festivals, tourism brands, copyrights, digital content, traditional knowledge, and turn them into engines of prosperity”.