CEM REPORT, ENTERTAINMENT | The Nigerian creative industry has been tipped to generate a staggering revenue of $100 billion by the year 2030 and generate up to 2.7 million jobs by 2050.
To this end, the United States has pledged unwavering support for the thriving creative landscape in Nigeria, with a focus on encouraging investments and expanding commercial ties.
The Assistant Secretary for U.S. Economic and Business Affairs, Ramnin Toloui made the projection and commitment at the Africa Creative Market Conference in Lagos.
According to Toloui, the Nigerian creative industry plays a pivotal role in employment, particularly for young individuals aged 15 to 29, with women accounting for nearly half of the creative workforce.
Toloui noted that creative industries generate annual revenues exceeding $2 trillion and support approximately 50 million jobs worldwide while pointing out the significance of the cultural sector, which contributes 3.1% to the global Gross Domestic Product (GDP).
He acknowledged Nigeria’s creative industry growth, noting that the demand for Nigerian content within the global African diaspora is on a steady risen
He stated that demand has led to a steady rise in the export of African content via digital streaming and international tours. He added that the interest and attention of American actors are pulled into the Nigerian creative industry.
“The Nigerian creative industry has grown in leaps and bounds, with American actors now interested in featuring in Nigerian movies and part of this success was due to rising demand for Nigerian content from the global African diaspora.”
Toloui highlighted that strong IP rights regimes establish secure legal frameworks, facilitating investment and the commercialization of creativity and innovation.
He continued that it paves the way for additional investments, attracting them to the creative industries, ultimately creating value and job opportunities beyond traditional boundaries, noting that robust IP protection offers inventors, industrial designers, and creative artists, the assurance that their ideas will be safeguarded and monetized.
While expressing enthusiasm for Nigeria’s commitment to the growth of the creative industries through the Destination 2030 Initiative, he noted that the growing numbers of African-based investors are channelling capital into early-stage creator economy startups.
“The U.S. government supports and is proud to see burgeoning ties in the creative industries between the United States and Nigeria.
“Bringing both countries closer together and furthering investment opportunities in the film and television, music, arts, sports, gaming, and tech arenas.
“During the portion of the U.S.- Africa Summit that highlighted the economic potential of the creative industries, we announced our intention to partner with stakeholders across the creative ecosystem, creatives and policymakers alike, to help grow the creative economy.
“We have taken up this charge by focusing on a key piece of the puzzle that allows creatives to monetise their work and attract additional investment: intellectual property protection,” he said.
Toloui highlighted the collaborative efforts between the United States and Nigeria, strengthening ties within the creative industries, spanning film, television, music, arts, sports, gaming, and technology. The U.S. government is dedicated to fostering investment opportunities and partnerships, bridging the two nations.
Toloui concluded by affirming the unwavering support of the United States for the thriving creative landscape in Nigeria, with a focus on encouraging investments and expanding commercial ties.